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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)2020/212019/20
Starting rate£1 – £5,00020%£1 – £5,00020%
Basic rate£5,001 – £37,50020%£5,001 – £37,50020%
Higher rate£37,501 – £150,00040%£37,501 – £150,00040%
Additional rateOver £150,00045%Over £150,00045%
INCOME TAX RATES (DIVIDENDS)2020/212019/20
Basic rate£12,501 – £50,0007.5%£12,501 – £50,0007.5%
Higher Rate£50,001- £150,00032.5%£50,001- £150,00032.5%
Additional Rate150,00038.1%150,00038.1%
INCOME TAX ALLOWANCES2020/212019/20
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 CONTRIBUTIONS2020/212019/20
Annual allowance£40,000£40,000
Lifetime allowance£1,073,100£1,055,000
CAPITAL GAINS TAX2020/212019/20
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 taxpayers10%10%
Higher and additional rate taxpayers20%20%
Trusts and personal representatives20%20%
Rate where entrepreneurs’/investors’ relief applies10%10%
INDIVIDUAL SAVINGS ACCOUNTS2020/212019/20
Maximum annual investment
Cash and shares combined limit£20,000£20,000
Lifetime ISA£4,000£4,000
Junior ISA£9,000£4,368

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