Tax tables

Our tax tables feature rates and allowances for the 2020/21 tax year. 

If you have any questions about current tax rates and your own affairs, please contact a member of our team. 

  Weekly Annual
New state pension – where state pension age reached after 5/4/16 £175.20 £9,110.40
Basic pension – Single person* £134.25 £6,981.00
Basic pension – Spouse/civil partner* £80.45 £4,183.40
 


*
State pension age reached before 6/4/16

Tax Rates – Individuals 20/21 19/20
Below UK higher rate income tax band 10% 10%
Within UK higher and additional rate income tax band 20% 20%
Tax rate – Trusts and estates 20% 20%
Surcharge for residential property and carried interest 8% 8%
Exemptions    
Annual exempt amount: Individuals, estates, etc £12,300 £12,000
Trusts generally £6,150 £6,000
Chattels: gain limited to 5/3rds of proceeds exceeding £6,000 £6,000
Entrepreneurs’ Relief 10% on lifetime limit of £1,000,000 £10,000,000
For trading businesses and companies
(minimum 5% participation) held for at least
2 years 2 years

Taxable amount based on original list price and CO2 emissions in g/km.

Zero emission cars, no charge.

Petrol and diesel hybrids with CO2 emissions 1- 50g/km

Range in miles on electricity only < 30 30 – 39 40 – 69 70 – 129 130 +
Registered pre-6/4/20 (NEDC basis) 14% 12% 8% 5% 2%
Registered post-5/4/20 (WLTP basis) 12% 10% 6% 3% 0%

 

All non-diesel cars CO2 emission over 50 g/km 51-54g/km 55g/km & over
Registered pre-6/4/20 (NEDC basis) 15% 16%*-37%
Registered post-5/4/20 (WLTP basis) 13% 14%*- 37%

 

*Increased for every extra 5g/km by 1% up to the maximum 37%

Diesels not meeting RDE2 standards: add 4%, up to the maximum of 37%.

Fuel benefits – taxable amount for private use 20/21 19/20
CO2 % charge used for car benefit multiplied by £24,500 £24,100
 

Cars and vans first 10,000 miles 45p per mile thereafter 25p per mile
Qualifying passenger 5p per mile  
Motorcycles 24p per mile Bicycles 20p per mile

  Profits Diverted Profits
Year to 31/3/20 19% 25%
Year to 31/3/19 19% 25%
 

 

Corporation tax at 32.5% on outstanding loans to participators.

Vans (for private use)

  20/21 19/20
Zero emission: chargeable amount £2,792 £2,058
Other vans: chargeable amount £3,490 £3,430
Fuel: flat charge £666 £655

UK excluding Scottish taxpayers’ non-dividend, non-savings income
  20/21 19/20
20% basic rate on first slice of taxable income up to £37,500 £37,500
40% higher rate on first slice of taxable income over £37,500 £37,500
45% additional rate on taxable income over £150,000 £150,000

 

All UK taxpayers

   
Starting rate at 0% on savings income up to* £5,000 £5,000
Personal savings allowance at 0%: Basic rate
Higher rate
Additional rate
£1,000
£500
£0
£1,000
£500
£0
Dividend allowance at 0% tax – all individuals £2,000 £2,000
Tax rate on dividends: Basic rate
Higher rate
Additional rate 
7.5%
32.5%
38.1%
7.5%
32.5%
38.1%
Trusts: Standard rate band generally £1,000 £1,000
Rate applicable to trusts: Dividends 38.1% 38.1%
  Other income 45% 45%

*Not available if taxable non-savings income exceeds the starting rate band.

 

Scottish taxpayers – non-dividend, non-savings income
  20/21 19/20
19% starter rate on income up to £2,085 £2,049
20% basic rate on next slice of income up to £12,658 £12,444
21% intermediate rate on next slice up to £30,930 £30,930
41% higher rate on next slice up to £150,000 £150,000
46% top rate on income over £150,000 £150,000

 

High Income Child Benefit Charge: 1% of benefit per £100 of adjusted net income between £50,000 and £60,000

 

Inheritance Tax
  20/21 19/20
Nil-rate band* £325,000 £325,000
Residence nil-rate band*† £175,000 £150,000
Rate of tax on excess 40% 40%
Rate if at least 10% of net estate left to charity 36% 36%
Lifetime transfers to and from certain trusts 20% 20%
Overseas domiciled spouse/civil partner exemption £325,000 £325,000
100% relief: businesses, unlisted/AIM companies, certain farmland/farm buildings
50% relief: certain other business assets, e.g. farmland let before 1/9/95
Annual exempt gifts £3,000 per donor £250 per donee
* Up to 100% of the unused proportion of a deceased spouse’s/civil partner €™s nil-rate band and/or residence nil-rate band can be claimed on the survivor €™s death
€ Estates over £2,000,000 subject to 50% taper on excess

 

Tapered tax charge on lifetime gifts within 7 years of death
Years before death 0–3 3–4 4–5 5–6 6–7
% of death tax charge 100 80 60 40 20

Plant & machinery 100% annual investment allowance

 

(1st year) 1/1/19 to 31/12/20

From 1/1/21

1,000,000

£200,000

Enterprise zone plant & machinery (max €125m per project) 100%
Plant & machinery (annual reducing balance) 18%
Patent rights & know-how (annual reducing balance) 25%
Certain long-life assets and integral features of buildings (annual reducing balance) 6%
Structures and buildings from 29/10/18 (straight line) 3%
Energy and water-efficient equipment and electric vans 100%
Electric charge points 100%
*Annual reducing balance
 
Motor Cars
CO2 emission of g/km: 50 or less* 51–110 Over 110
Capital allowance 100% first year 18% pa 6% pa
*New cars only  † Annual reducing balance
Research and Development
Capital expenditure 100%
Revenue expenditure relief small/medium-sized companies 230%
Research and development expenditure credit large companies 13%

 

Income Tax, NIC and Capital Gains Tax – Self-assessment

31 Jan in tax year

Following 31 July

Following 31 Jan

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  • Normally 50% of previous year’s income tax (less tax deducted at source) and class 4 NICs
  • Balance of income tax and class 4 NICs, CGT and class 2 NICs and balance of CGT
Inheritance Tax
On death Normally 6 months after month of death
Lifetime transfer 6 April – 30 September 30 April in following year
Lifetime transfer 1 October – 5 April 6 months after month of transfer

Corporation Tax –Self-Assessment

  • Profits under £1,500,000: 9 months + 1 day after end of accounting period
  • Profits £1,500,000 or over: normally payable in 7th, 10th, 13th and 16th months after start of the accounting period
  • Profits £20,000,000 or over: normally payable in 3rd, 6th, 9th and 12th months after start of the accounting period
  • Growing companies: no instalments where profits are £10,000,000 or less and the company was not a large company for the previous year
Main personal allowances and reliefs 20/21 19/20
Personal allowance* £12,500 £12,500
Married partners’ / Civil partners’ transferable allowance £1,250 £1,250
Married couples’ / Civil partners’ allowance at 10%†
(if at least one born before 6/4/35)
– maximum
– minimum
£9,075 £8,915
£3,510 £3,450
Blind person’s allowance £2,500 £2,450
Rent-a-room relief £7,500 £7,500
Property allowance £1,000 £1,000
Trading allowance £1,000 £1,000
     

* Personal allowance reduced by £1 for every £2 of adjusted net income over £100,000


Married couple’s allowance reduced by £1 for every £2 of adjusted net income over £30,200 (£29,960 for 2019/20), until minimum reached

Non-domicile remittance basis charge after UK residence in at least: 20/21 19/20
7 of the last 9 tax years
12 of the last 14 tax years
£30,000
£60,000
£30,000
£60,000

 

Class 1 employee Employee Employer          
NICs rate     12% 13.8%          
No NICs for employees generally on the first:     £183 pw £169 pw          
No NICs for younger employees* on the first:     £183 pw £962 pw          
NICs rate charged up to     £962 pw No limit          
2% NICs on earnings over     £962 pw N/A          
Employment Allowance          
Per business – not available if sole employee is a director or employer’s NICs for 19/20 £100,000 or more          

 

   
Limits and thresholds 20/21    
Weekly   Monthly     Annual      
Lower earnings limit £120   £520     £6,240      
Primary threshold £183   £792     £9,500      
Secondary threshold £169   £732     £8,788      
Upper earnings limit (and upper secondary thresholds*) £962   £4,167     £50,000      

* Employees generally under 21 years and apprentices under 25 years

 

Class 1A Employer      
On car and fuel benefits and most other taxable benefits provided to employees and directors     13.8%
Self-employed      
Class 2
Flat rate     £3.05 pw £158.60 pa
Small profits threshold: no compulsory NICs if profits do not exceed     £6,475 pa
Class 4
On profits  

£9,500
£50,000 pa: 9% 
Over £50,000 pa: 2%

Voluntary
Class 3 Flat rate     £15.30 pw £795.60 pa
               

Stamp Duty and SDRT: stocks and marketable securities 0.5%
Second residential and all corporate residential properties £40,000 or more – add 3% to SDLT/LTT rate(s) and 4% on LBTT rate(s)

 

England & N Ireland – Stamp Duty Land Tax (SDLT) on slices of value
Residential property % Commercial property %
Up to £125,000 0 Up to £150,000 0
£125,001 – £250,000 2 £150,001 – £250,000 2
£250,001 – £925,000 5 Over £250,001 5
£925,001 – £1,500,000 10    
Over £1,500,000 12    
First-time buyers: 0% on first £300,000 for properties up to £500,000
Residential properties bought by companies etc over £500,000 15% of total consideration

 

Scotland – Land and Buildings Transaction Tax (LBTT) on slices of value
Residential property % Commercial property %
Up to £145,000 0 Up to £150,000 0
£145,001 – £250,000 2 £150,001 – £250,000 1
£250,001 – £325,000 5 Over £250,000 5
£325,001 – £750,000 10    
Over £750,000 12    
First-time buyers: 0% on first £175,000

 

Wales – Land Transaction Tax (LTT) on slices of value
Residential property % Commercial property %
Up to £180,000 0 Up to £150,000 0
£180,001 – £250,000 3.5 £150,001 – £250,000 1
£250,001 – £400,000 5 £250,001 – £1,000,000 5
£400,001 – £750,000 7.5 Over £1,000,000 6
£750,001 – £1,500,000 10    
Over £1,500,000 12    

  20/21 19/20
Lifetime allowance £1,055,000 £1,055,000
Money purchase annual allowance £4,000 £4,000
Annual allowance* £40,000 £40,000
Annual allowance charge on excess Applicable tax rate(s) on earnings
Lifetime allowance charge if excess is drawn As cash 55%; as income 25%
Max. pension commencement lump sum 25% of pension benefit value
* Reduced by £1 for every £2 of adjusted income over £150,000 to a minimum of £10,000, subject to threshold income being over £110,000
 

Weekly rates and taxable unless stated otherwise. 

Statutory Pay Rates Based on minimum average earnings of at least £120 pw
Statutory Sick Pay £95.85 standard rate

Statutory Maternity Pay
Statutory Adoption Pay

First 6 weeks: 90% average weekly pay
Next 33 weeks: 90% average weekly pay up to £151.20

Statutory Paternity Pay

90% of average weekly pay up to £151.20

Shared Parental Pay

Up to 37 weeks: 90% of average weekly pay up to £151.21
Child Benefit (see ‘Income Tax High Income Child Benefit Charge’)
Child benefit, first or only child £21.05
Child benefit, each subsequent child £13.95
National Minimum and National Living Wage 1/4/20 – 31/3/21
Aged 25 and over – National Living Wage £8.72
Age 21 – 24- National Minimum Wage £8.20
Aged 18-20 – National Minimum Wage £6.45
Aged under 18 National Minimum Wage £4.55
Apprentice – National Minimum Wage £4.15
Vans for Private Use
  19/20 18/19 
Zero emission: chargeable amount £2,058 £1,340
Other vans: chargeable amount £3,430 £3,350
Fuel – chargeable amount £655 £633
Rates per mile    
Cars and vans first 10,000 miles 45p per mile thereafter 25p per mile
Qualifying passenger 5p per mile  
Bicycles 20p per mile  
Motorcycles 24p per mile  
Standard rate 20%
Reduced rate eg on domestic fuel 5%
Registration level since 1/4/17 £85,000
Deregistration level since 1/4/17 £83,000
Flat rate scheme turnover limit £150,000
Cash and annual accounting schemes turnover limits £1,350,000

Produced for information only. Subject to relevant legislation. Always seek professional advice before acting.