Income Tax

Income tax rates 2015-2016 2014-2015
0% / 10% starting rate for savings * £5,000 £2,880
20% on income up to £31,785 £31,865
40% on income over £31,785 £31,865
45% on income over £150,000 £150,000
Dividends for basic rate taxpayers 10% 10%
Dividends for higher rate taxpayers up to £150,000  32.5% 32.5%
Dividends for those with income over £150,000 37.5% 37.5%
Trusts within relevant property regime ** 45% 45%
Dividends for trusts within relevant property regime 37.5% 37.5%

*  Restricted to savings income and not available if non-savings income exceeds starting rate limit.
** A standard rate band of £1,000 applies, below this level income will be taxed at no more than 20%.

Main income tax reliefs 2015-2016 2014-2015
Personal allowance (for income up to £100,000) * £10,600 £10,000
Personal allowance (born 6/4/1938 to 5/4/1948) *  £10,600 £10,500
Personal allowance (born before 6/4/1938) ** £10,660 £10,660
Married couple's / civil partner's allowance (born before 6/4/1935) *** £8,355 £8,165
Transferable marriage allowance (married couples and civil partners) ****  £1,060
Income limit for age-related allowances £27,700 £27,000
Blind person's allowance £2,290 £2,230
Enterprise Investment Scheme at 30% ***** £1,000,000 £1,000,000
Seed Enterprise Investment Scheme at 50% ***** £100,000 £100,000
Venture Capital Trust at 30%***** £200,000 £200,000
Social Investment Tax Relief at 30% ***** £1,000,000 £1,000,000
Rent-a-room tax-free income £4,250 £4,250

*    The allowance is reduced by £1 for every £2 income above £100,000 irrespective of age.
**   The allowance is reduced by £1 for every £2 income above the limit subject to a minimum allowance of £10,600 for 2015-16 (£10,000 for 2014-15) unless income exceeds £100,000. 
***  The allowance may be reduced subject to income levels (minimum allowance £3,220 for 2015-16, £3,140 for 2014-15). Relief is given at 10%. 
**** Available to spouses/civil partners who have unused personal allowance and are born after 5 April 1935. Relief is given at 20% to basic rate taxpayers only.
***** Capital Gains Tax reliefs may also be available.

Budget 2015

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