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Tax rates 2020/21

April 6th, 2020 Posted by Accountancy 0 thoughts on “Tax rates 2020/21”

Tax rates and allowance for 2020/21 are detailed below:

INCOME TAX RATES (INDIVIDUALS UK) 2020/21 2019/20
Starting rate £1 – £5,000 20% £1 – £5,000 20%
Basic rate £5,001 – £37,500 20% £5,001 – £37,500 20%
Higher rate £37,501 – £150,000 40% £37,501 – £150,000 40%
Additional rate Over £150,000 45% Over £150,000 45%
INCOME TAX RATES (DIVIDENDS) 2020/21 2019/20
Basic rate £12,501 – £50,000 7.5% £12,501 – £50,000 7.5%
Higher Rate £50,001- £150,000 32.5% £50,001- £150,000 32.5%
Additional Rate 150,000 38.1% 150,000 38.1%
INCOME TAX ALLOWANCES 2020/21 2019/20
Basic personal allowance £12,500 £12,500
Married/civil partners transferable allowance £1,250 £1,250
Blind persons allowance £2,500 £2,450
Rent a room relief limit £7,500 £7,500
Savings allowance £1,000 £1,000
Trading income allowance £1,000 £1,000
Property income allowance £1,000 £1,000
PENSION CONTRIBUTIONS 2020/21 2019/20
Annual allowance £40,000 £40,000
Lifetime allowance £1,073,100 £1,055,000
CAPITAL GAINS TAX 2020/21 2019/20
Annual exemption
Individuals £12,300 £12,000
Trusts £6,150 £6,000
Entrepreneurs’ relief lifetime allowance £1m £10m
Individuals and trusts
Basic and starting rate taxpayers 10% 10%
Higher and additional rate taxpayers 20% 20%
Trusts and personal representatives 20% 20%
Rate where entrepreneurs’/investors’ relief applies 10% 10%
INDIVIDUAL SAVINGS ACCOUNTS 2020/21 2019/20
Maximum annual investment
Cash and shares combined limit £20,000 £20,000
Lifetime ISA £4,000 £4,000
Junior ISA £9,000 £4,368

Tax rates 2024/25

Spring Budget 2024

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