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UK Tax Tables 2015/2016

Tax Rates and Allowances

2014-15 (£) 2015-16 (£) Increase (£)
INCOME TAX ALLOWANCES:
Personal allowance 10,000 10,600 +600
CAPITAL GAINS TAX ANNUAL EXEMPT AMOUNT:
Individuals etc: 11,000 11,100 +100
Inheritance tax threshold 325,000 325,000 -
PENSIONS SCHEMES:
Annual allowance: £50,000 £50,000 -
Lifetime allowance: 1,250,000 1,000,000 -250,000

From the 2010-11 tax year the Personal Allowance reduces where the income is above £100, 000 – by £1 for every £2 of income above the £100,000 limit. This reduction applies irrespective of age.

Taxable Bands

Taxable bands 2014-15 (£) Taxable bands 2015-16 (£)
*Starting rate 10% 0 - 2,880 *Starting rate 0% 0 - 5,000
Basic rate 20% 0 - 31,865 Basic rate 20% 0 - 31,785
Higher rate 40% 31,866 - 150,000 Higher rate 40% 31,786 - 150,000
Additional rate 50% Over 150,000 Additional rate 50% Over 150,000

The rates available for dividends for the 2014-15 tax year is the 10 per cent ordinary rate, the 32.5 per cent dividend upper rate, and the additional rate of 37.5 per cent.

Corporation Tax Rates

Band Corporation tax profits 2014-15 (£) Corporation tax profits 2015-16 (£)
0 - 300,000 20% 20%
300,001 - 1,500,000 N/A N/A
1,500,001 or more 20% 20%

National Insurance Rates

2014-15 2015-16
Primary threshold £153 per week £155 per week
Secondary threshold £153 per week £156 per week
Employees’ primary class 1 rate on earnings between primary threshold and upper earnings limit 12% of £153.01 to £805 per week 2% above £805 per week 12% of £153.01 to £815 per week 2% above £815 per week
Employers’ secondary Class 1 rate 13.8% on earnings above £153 per week 13.8% on earnings above £156 per week
Class 4 rate 9% of £7,956 to £41,865 per year 2% above £41,865 per year 9% of £8,060 to £42,385 per year 2% above £42,385 per year
Class 4 lower profits limit £7,956 per year £8,060
Class 4 upper profits limit £41,865 per year £42,385

For further rates and allowances and historic tables see HMRC.