Chartered Tax Advisers & Accountants

Tax Thresholds

Published On: 15 December 2017
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Scotland

 

 Current

 

 

 From April 2018

 Income Tax Thresholds

 

 

 

 

 

 Starter Rate

 NA

-

 

 £0 - £2,000

 @ 19%

 Basic Rate

 £0 – £31,500

@ 20%

 

 £2,001 - £12,150

 @ 20%

 Intermediate Rate

 NA

-

 

 £12,151 - £32,423

 @ 21%

 Higher Rate

 £31,501 – £150K

@ 40%

 

 £32,424 - £150K

 @ 41%

 Top Rate

 Over £150K

@ 45%

 

 Over £150K

 @ 46%

 

 

 

 

 

 

 Land and Buildings Transactions Tax (LBTT)

 

 

 

 

 Up to £145,000

 0%

 

 

 Up to £145,000*

 0%

 £145,001 to £250,000

 2%

 

 

 £145,001 to £250,000

 2%

 £250,001 to £325,000

 5%

 

 

 £250,001 to £325,000

 5%

 £325,001 to £750,000

 10%

 

 

 £325,001 to £750,000

 10%

 Over £750,000

 12%

 

 

 Over £750,000

 12%

Note: Subject to consultation, a new LBTT Relief for first-time buyers will increase the 0% threshold to £175,000 from April 2018.

Rest of the UK

 

 Current

 

 

 From April 2018

 Income Tax Thresholds

 

 

 

 Basic Rate

 £0 – £33,500

@ 20%

 

 £0 – £34,500

 @ 20%

 Higher Rate

 £33,501 – £150K

@ 40%

 

 £34,501 – £150K

 @ 40%

 Additional

 Over £150K

@ 45%

 

 Over £150K

 @ 45%

 

 

 

 

 

 

 Stamp Duty Land Tax (SDLT)

 

 

 

 

 Up to £125,000

 0%

 

 

 Up to £125,000

 0%

 £125,001 to £250,000

 2%

 

 

 £125,001 to £250,000

 2%

 £250,001 to £925,000

 5%

 

 

 £250,001 to £925,000

 5%

 £925,001 to £750,000

 10%

 

 

 £925,001 to £750,000

 10%

 Over £750,000

 12%

 

 

 Over £750,000

 12%

Note: First-Time Buyers relief is available on purchases under £500,000, so buyers don’t pay any SDLT up to £300,0000 and only 5% on the portion from £300,001 to £500,000.

Other Taxes and Thresholds from 6 April 2018 (Applicable UK wide, including Scotland)

Allowances

  Personal Allowance

  £11,850

  Personal Savings Allowance

  Basic Rate

  Higher Rate

  Additional Rate

 

  £1,000

  £500

  £nil

  Dividend Allowance

  £2,000

  Marriage Allowance

  £1,185

Note:   The personal allowance continues to be abated if taxable income is more than £100,000.

The thresholds for the Personal Savings Allowance are based on the Income Tax Thresholds for the UK, including for Scottish taxpayers.

Capital Gains Tax

  Exemption

  Basic Rate                   

  Higher Rate or above

 £11,700

 10% or 18% (Residential Property)

 20% or 28% (Residential Property)

Note: Capital Gains Tax Thresholds are based on the Income Tax Thresholds for the UK, including for Scottish taxpayers.

National Insurance Contributions (NIC)

 Class 2 NIC

 £0 - £6,205 

 £6,026 and over

 Class 4 NIC

 £0 - £8,424

 £8,425 - £46,350

 £46,351 and over

VAT Registration

  Registration

 £85,000

  Deregistration

 £83,000

Businesses

  Corporation Tax Rate

 19%

  Annual Investment Allowance

 £200,000