A link to more details of the latest budget information can be found here.

PERSONAL TAXATION

Personal allowance 2016/17 2015/16
general (age under 65) £11,000 £10,600
income limit for personal allowances £100,000 £100,000
Born before 6 April 1938 £11,000 £10,660
Age allowance income limit    N/A £27,700
Minimum where income exceeds age

Limit (subject to general income limit)

 

N/A

 

£10,600

Transferable marriage allowance £1,100 £1,060

Married couple’s allowance (10% relief)*

Married couple’s allowance 2016/17 2015/16
Either partner born before 06 April 1935   £8,355    £8,355
Age allowance income limit £27,700 £27,700
Minimum where income exceeds limit   £3,290    £3,290
Blind person’s allowances   £2,290    £2,290
Dividend allowance   £5,000      N/A
Personal savings allowance

Basic rate taxpayers

 

£1,000

 

N/A

Higher rate taxpayers        £500      N/a
Income tax rates

Taxable Income

Rate %  

Dividend

Rate %

2016/17
£0-£32,000 20 7.5
£32,001 – £150,000 40 32.5
Over £150,000 45 38.1
2015/16
£0-£31,785 20 10
£31,786 – £150,000 40 32.5
Over £150,000 45 37.5

 

Pension schemes allowances

Pension schemes allowances    2016/17    2015/16
Annual allowance      £40,000        £40,000
Income limit    £350,000              –
Minimum where income

Exceeds limit

     £70,000
Lifetime allowance £1,000,000 £1,250,000

 

COMPANY TAXATION

COMPANY TAXATION    
Financial year to       31/03/2017                           31/06/2016
  20%     20%

 

CAPITAL GAINS TAX

CAPITAL GAINS TAX 2016/17
Exemption for individuals and

certain trusts

 

£11,100

 

 

General Trusts      £5,550
Rate – standard ratenn        10%
higher rate        20%
trustees and personal representatives        20%
Gains on residential property        18%
And carried interest        28%
Entrepreneurs relief        10%

INHERITANCE TAX

Unused nil rate band is transferred to spouse or civil partner, annual gifts of up to £3,000 per donor are exempt

INHERITANCE TAX Transfers after 5 April 2016 and before 6 April 2017
Threshold £325,000
Thereafter    40%

 

VAT

VAT
Standard rate 20.0%
Lower rate 5%
Registration threshold after 1 April 2016 £83,000 pa
Deregistration from 1 April 2016 £81,000 pa

 

NATIONAL INSURANCE

NATIONAL INSURANCE 2016/17
Class 1 (earnings related) – weekly earnings
Employees Not contracted
First £155 Nil
£155.01-£827 12%
Over £827 2%
Employers
First £156 Nil
Over £156 13.8%
Employment Allowance   £3,000 per employee

 

Class 1A and 1B contributions 13.8%

Class 2 contributions (self employed) 2016-17
Flat weekly rate £2.80
Small profits threshold £5,905
Class 3 contributions
Voluntary flat weekly rate £14.10
Class 4 contributions (self employed)
Between £8,060 and £43,000    9%
Above these limits    2%

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