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 | ||
