Tax rates and allowances

We have summarised the key rates and allowances which are fundamental to our business and personal lives. We are sure that you will find them a useful point of reference and have set out below a few examples of how they can be used. 

As the UK tax system becomes more devolved, it is important to keep abreast of the changes taking place in the Scottish and Welsh income tax rates and bands. We have summarised the relevant information together with the rates and allowances which apply to investment income. 

If you buy property then property taxes payable are different depending where the property is in the United Kingdom. Stamp Duty Land Tax is payable on property in England and Northern Ireland, whilst Land and Buildings Transaction Tax is payable on property in Scotland and Land Transaction Tax on property in Wales. Our tax rates highlight the main rates so that you can consider the potential cost of buying property. 

If you sell an asset such as shares or your business, capital gains tax may be due. Our tax rates highlight the main rates and reliefs so that you can consider the tax bill that may arise. 

If you run a business, obtaining the right allowances on equipment that your business buys can affect the tax that your business has to pay each year. We have summarised the main allowances that are available. 

Our guide explains how these are computed to help ensure that you are paying the correct amount of tax. 

Long term planning for a comfortable retirement can never start too early. Our tax rates explain how much can be contributed to an approved pension scheme each year tax efficiently. 

Our tax rates contain the main inheritance tax rates and exemptions but early planning can mitigate these tremendously. 

These rates are intended for use as a quick point of reference. Should you require any further information, have a simple question or require detailed advice we are only a phone call away. 

• Introduction
• Capital allowances - plant and machinery 
• Capital gains tax (CGT) 
• Car benefits 
• Car fuel benefit 
• Cars - advisory fuel rates for company cars 
• Child Benefit 
• Corporation tax rates 
• Employee's Statutory Payments 
• Income tax allowances 
• Income tax rates - across the UK 
• Income tax rates - Scotland 
• Income tax rates - Wales 
• Individual Savings Account (ISA) 
• Inheritance tax (IHT) 
• Land and Buildings Transaction Tax 
• Land Transaction Tax 
• Mileage Allowance Payments (MAPs) for employees 
• Minimum Wage 
• National Insurance contributions (NIC) - rates and allowances 
• Pensions Automatic Enrolment 
• Pensions - tax relief on pension contributions 
• Property allowance 
• Self assessment - key dates 
• Stamp Duty 
• Stamp Duty Land Tax (SDLT) 
• State Pensions 
• Tax reliefs for individuals 
• Trade allowance 
• Van benefit 
• VAT 
• VAT fuel scale charges 
• Vehicle Excise Duty (VED) - passenger cars 

© This publication is published for the information of clients. It provides only an overview of the regulations in force at the date of publication and no action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the material contained in this publication can be accepted by the authors or the firm.