INCOME TAX RATES AND ALLOWANCES

 

 

 

                                                            

2018/19

2017/18

 

 

 

 

 

 

Dividend tax allowance             

£2,000

£5,000

Personal savings allowance (basic rate taxpayers)

£1,000

£1,000

Personal savings allowance (higher rate taxpayers)

£500

£500

Basic tax rate                                      

20%

20%

 

 

 

Tax on UK dividends within starting

 

 

and basic rate bands

0%

0%

 

 

 

Higher rate band taxable income over

£34,500

£33,500

Higher tax rate

40%

40%

 

 

 

Additional rate band taxable income over

£150,000

£150,000

Additional rate

45%

45%

 

 

 

UK dividend rate 

 

 

  - Where basic rate applies 7.5% 7.5%

 

- Where higher rate applies 

32.5%

32.5%

 

- Where additional rate applies

38.1%

38.1%

 

 

 

Trusts

 

 

 

 

 

Trust rate    

45%

45%

Dividend type income

38.1%

38.1%

 

 

 

Allowances that reduce taxable income

 

 

Personal allowance (PA) under 65  *

£11,850

£11,500

 

 

 

 

 

 

Transferable tax allowance £1,185 £1,150

Blind person's allowance

£2,390

£2,320

 

 

 

* Personal allowance is reduced if an

 

 

 individuals 'adjusted net income' is above

 

 

£100,000. The allowance is reduced by £1

 

 

for every £2 above £100,000.

 

 

 

 

 

 

 

 

 

   

 

 

 

 

 

 

   

 

 

 

Office Information

Williams Knowles & Co

Lloyd Chambers

139 Carlton Road

Worksop

S81 7AD

 

Telephone:  (01909) 500232

 

Facsimile:    (01909) 473544

 

Email: williamsknowlesco@

           btopenworld.com

 

Office hours:

 

Monday to Friday 9am to 5pm

 

Other times are available by appointment