2013-14 & 2014-15 Tax Rates & Allowances

 

Income tax, capital gains tax, and inheritance tax – personal and age-related allowances

Per year

2013-14

2014-15

Personal allowance (age under 65)

   £9,440

  £10,000

Personal allowance (age 65-75)

 £10,500

  £10,500

Personal allowance (age 75 and over)

 £10,660

£10,660

Married couple’s allowance (age 77 and over)

 £7,915

  £8,165

Married couple’s allowance – minimum amount

 £3,040

  £3,140

Income limit for age-related allowances
(2013-14 figure applies to those aged 65+)

 £26,100

 £27,000

Income limit for under 65 personal allowance

£100,000

£100,000

Blind person’s allowance

 £2,160

£2,230


Capital gains tax annual exempt amount
Individuals etc.

 £11,000

 £11,100

Most trustees

 £5,450

 £5,550

Individual inheritance tax allowance

 £325,000

£325,000


Pension schemes allowances
Annual Allowance

£50,000

 £40,000

Lifetime Allowance

 £1,500,000

£1,250,000


Income tax: Taxable bands

2013-14

2014-15

Savings starting rate*: 10%

 0-£2,790

 0-£2,880

Basic rate: 20%

 0-£32,010

 0 – £31,865

Higher rate: 40%

£32,011 – £150,000

 £31,866 – £150,000

Additional rate:
(reduced 5% in 2013-14)

Over £150,000 (45%)

Over £150,000 (45%)

* Only available if non savings income is less than this amount

Capital gains tax rates

2013-14

2014-15

Standard rate of CGT

18%

18%

Higher rate (for higher rate income tax payers)

28%

28%

Rate for Entrepreneurs

10%

10%

Corporation tax on profits

£ per year (unless stated)

2013-14

2014-15

£0-£300,000

 20%

 20%

£300,001 – £1,500,000

Marginal rate

Marginal rate

£1,500,001 or more

 23%

 21%

* Annual 1% reductions announced in 2011 Budget were accelerated with another 1% to reach a unified rate of 20% by 2015-16. 

National insurance contributions

per week (unless stated)

2013-14

2014-15

Lower earnings limit, primary Class 1

 £109

£111

Upper earnings limit, primary Class 1

 £797

 £805

Upper Accruals point

 £770

 £770

Primary threshold

 £149

 £153

Secondary threshold

 £148

 £153

Employees’ primary Class 1 rate between primary threshold and upper earnings limit

 12%

 12%

Employees’ primary Class 1 rate above upper earnings limit

 2%

 2%

Employees’ contracted-out rebate – salary-related schemes

 1.4%

 1.4%

Married women’s reduced rate between primary threshold and upper earnings limit

 5.85%

 5.85%

Married women’s rate above upper earnings limit

 2%

 2%

Employers’ secondary Class 1 rate above secondary threshold

 13.8%

 13.8%

Class 2 rate

 £2.70

 £2.75

Class 2 small earnings exception (per year)

 £5,725

 £5,885

Special Class 2 rate for share fishermen

 £3.35

 £3.40

Special Class 2 rate for volunteer development workers

 £5.45

 £5.55

Class 3 rate (per week)

 £13.55

 £13.90

Class 4 lower profits limit (per year)

 £7,755

£7,956

Class 4 upper profits limit (per year)

 £41,450

£41,865

Class 4 rate between lower profits limit and upper profits limit

 9%

 9%

Class 4 rate above upper profits limit

 2%

 2%

Working and child tax credits rates

£ per year (unless stated)

2013-14

2014-15

Working Tax Credit
Basic element

 £1,920

£1,940

Couple and lone parent element

 £1,970

£1,990

30 hour element

 £790

£800

Disabled worker element

 £2,855

£2,935

Severe disability element

 £1,220

£1,255

Childcare element of the Working Tax Credit
Maximum eligible cost for one child

 £175pw

£175pw

Maximum eligible cost for two or more children

 £300pw

£300pw

Percentage of eligible costs covered

 70%

70%

Child Tax Credit
Family element

 £545

£545

Child element

 £2,720

£2,750

Disabled child element

 £3,015

£3,100

Severely disabled child element

 £1,220

1,255

Income thresholds and withdrawal rates
First income threshold

 £6,420

£6,420

First withdrawal rate

 41%

 41%

First threshold for those entitled to Child Tax Credit only

 £15,910

 £16,010

Income rise disregard

 £5,000

 £5,000

Income fall disregard

£2,500

£2,500

Individual Savings Account (ISA)

Annual ISA subscription limit

2013-14

2014-15

Overall limit

 £11,520

£11,880

  of which cash

 £5,760

£5,940

  of which stocks & shares

 £11,520

£11,880

Junior ISA subscription limit

£3,720

£3,840

Stamp taxes and duties

Transfers of land and buildings (consideration paid)

Rate

 Non residential

Residential

Total value of consideration

Zero

 £0-£150,000

 £0-£125,000

1%

 £150,001-£250,000

 £125,001-£250,000

3%

£250,001-£500,000

£250,001-£500,000

4%

 over £500,000

£500,001-£1m

5%

£1,000,001-£2m

7%

Over £2m

 

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