Tax Rates and Allowances 2016/2017

Tax Free Personal Allowance
the amount of gross income you can earn before you are liable to paying income tax
Personal Allowance (Born after 5 April 1948)                                           £11,000
Personal Allowance (Born between 6 April 1938 and 5 April 1948)   £11,000
Personal Allowance (Born before 6 April 1938)                                        £11,000

Income Limits For Tapering
the amount of gross income you can have before your personal allowance is reduced
personal allowance is reduced by £1 for every £2 over the limit
* personal allowance will only be reduced to the basic personal allowance unless income is over £100,000
Income Limit (Born after 5 April 1948)                                                        £100,000
Income Limit (Born before 6 April 1948) *                                                  £27,700

Married Couples Allowance
available to a qualifying individual born before 6th April 1935 aged 75 or over
10% of the amount below is allowed to be deducted from the tax bill of a qualifying individual
personal allowance is reduced by £1 for every £2 over the income limits for tapering - up to the minimum married couple's allowance level

Married Couples Allowance                                                                           £8,355
Minimum Married Couples Allowance                                                      £3,220

Blind Person's Allowance

Additional Personal Allowance                                                                    £2,290

Income Tax Bands and Percentages
*10% starting rate is for savings income only - if your non-savings income is above the starting band level, the 10% rate will NOT apply and the basic rate percentage will be used instead.

Band                                                                                                                                          Limits                                      Percentage
Starting Rate (Savings only *)                                                                                         £0 - £5,000                                        0%*
Basic Rate                                                                                                                            £0 - £32,000                                      20%
Higher Rate                                                                                                                         £32,001 - £150,000                          40%
Additional/Top Rate Over                                                                                                £150,000                                          45%

Dividend Tax Bands and Percentages

Band                                                                                                                                           Limits                                     Percentage
Ordinary Rate                                                                                                                      £0 - £32,000                                     7.5%
Upper Rate                                                                                                                           £32,001 - £150,000                         32.5%
Additional/Top Rate Over                                                                                                 £150,000                                         38.1%

National Insurance Contributions

National Insurance Rates and Allowances
Find your classification by looking up your NIC letter on your payslip/return

Shared Banding For All NICs
Lower Earnings Limit (Weekly)                                                                                                                                                £112
Upper Accrual Point (Weekly)                                                                                                                                                   £770
Upper Earnings Limit (Weekly)                                                                                                                                                 £815
Primary Threshold (Weekly)                                                                                                                                                      £155
Secondary Threshold (Weekly)                                                                                                                                                 £156

Rates for Class 1 NICs
Between Primary Threshold and Upper Earnings Limit                                                                                                  12%
Above Upper Earnings Limit                                                                                                                                                      2.0%
Employers' Rate Above Secondary Threshold                                                                                                                     13.8%
Class 1A Rate On Employer Provided Benefits                                                                                                                    13.8%
Employees' Contracted Out Rebate                                                                                                                                        1.4%
Employers' Contracted Out Rebate                                                                                                                                         3.4%
Married Women's Reduced Rate Between Primary and Upper Earnings 5.85%
Married Women's Reduced Rate Above Upper Earnings 2%

Self Employed Class 2 and Class 4 NICs
Class 4 Lower Profits Limit (Annual)                                                                                                                                       £8,060
Class 4 Upper Profits Limit (Annual)                                                                                                                                       £43,000
Class 4 Rate Between Lower and Upper Profits                                                                                                                       9%
Class 4 Rate Above Upper Profits                                                                                                                                                  2%
Class 2 Earnings Exception Limit                                                                                                                                               £5,965
Class 2 Weekly Amount                                                                                                                                                                  £2.80
Class 2 Weekly Amount (Share Fisherman)                                                                                                                             £3.45
Class 2 Weekly Amount (Volunteer Development Workers)                                                                                              £5.60

Voluntary Class 3 NICs
Weekly rate                                                                                                                                                                                         £14.10

Corporation Tax - Calculate Corporation Tax
Corporation Tax Rates and Limits

Small Profits Rate                                                                                                                                                                             n/a
Main Rate                                                                                                                                                                                            20%
Small Profits Limit                                                                                                                                                                            n/a
Marginal Relief Lower Limit                                                                                                                                                          n/a
Marginal Relief Upper Limit                                                                                                                                                          n/a
Marginal Relief Fraction                                                                                                                                                                 n/a

Capital Gains Tax - Calculate Capital Gains Tax

Capital Gains Tax Rates and Annual Exempt Amounts

Annual Exempt Amount
Individuals, Personal Reps and Trustees for Disable People                                                                                         £11,100
Other Trustees                                                                                                                                                                                £5,550

CGT Tax Rates
Individuals - Basic Rate Taxpayer                                                        18%
Individuals - Higher Rate Taxpayer                                                      28%
Personal Representative of a Deceased Individual                                   28%
Gains Qualifying for Entrepreneurs' Relief                                             10%

All the latest tax rates  and allowances, including income tax, CGT, NIC and much more