TAX DATA - 2015/16

For further details on the 2015/16 tax budget changes please use the links below. 

Income Tax 

Income Tax allowances table 2014-15 and 2015-16
Bands                                                                                       2015/16           2014/15
£0-£31,785 (£0-£31,865)                                                             20%                (20%)
£31,786-£150,000 (£31,866-£150,000)                                    40%                (40%)
Over £150,000 (£150,000)                                                          45%                (45%)

Dividends are taxed at 10% (10%), 32.5% (32.5%) or 37.5% (37.5%) as the top 
slice of total income.

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Capital gains tax

Each tax year nearly everyone who is liable to Capital Gains Tax gets an annual tax-free allowance - known as the 'Annual Exempt Amount'. You only pay Capital Gains Tax if your overall gains for the tax year (after deducting any losses and applying any reliefs) are above this amount.

Rates for Capital Gains Tax - 2015-16
The following Capital Gains Tax rates apply:

• 18 per cent and 28 per cent tax rates for individuals (the tax rate you use depends on the total amount of your taxable income, so you need to work this out first )
• 28 per cent for trustees or for personal representatives of someone who has died
• 10 per cent for gains qualifying for Entrepreneurs' Relief.

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Stamp Duty Land Tax rates and thresholds

Stamp Duty Land Tax (SDLT) is charged on land and property transactions in the UK. The tax is charged at different rates and has different thresholds for different types of property and different values of transaction.
The tax rate and payment threshold can vary according to whether the property is in residential or non-residential use, and whether it is a freehold or leasehold. SDLT relief is available for certain kinds of property or transaction.
This guide provides an overview of the SDLT rates and provides links to related guidance where necessary.

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National Insurance Contributions

Class 1 employees
Weekly earnings                                               Contracted in           Contracted out 
Up to £155 (£153)                                               Nil (nil)
£155.01-£815 (£153.01-£805)                         12% (12%)
Over £815 (over £805                                         2% (2%) 
Up to £112 (£111)                                                                                 Nil (nil)
£112.01-£155 (£111.01-£153)                                                           Rebate 1.4 (1.4%)
£155.01-£770 (£153.01-£770)                                                          10.6 (10.6%)
£770.01-£815 (£770.01-£805)                                                          12% (12%)
Over £815 (over £805)                                                                        2% (2%) 

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Corporation Tax rates

Financial year (from 1 April)                                      2015                  2014
Main rate                                                                         20%                   (21%)
Small profits rate              £0-£300,000                          -                      (20%)
Marginal rate                    £300,001-£1,500,000            -                    (21.25%)

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Inheritance Tax

The Inheritance Tax threshold (or 'nil rate band') is the amount up to which an estate will have no Inheritance Tax to pay.
If the estate - including any assets held in trust and gifts made within seven years of death - is more than the threshold, Inheritance Tax will be due at 40 per cent on the amount over the nil rate band. From 6 April 2012 people who leave ten per cent or more of their net estate to charity can choose to pay a reduced rate of Inheritance Tax of 36 per cent.
This page shows the different thresholds in use for deaths going back to 1914.

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