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Tax Rates and Information

The current general tax rates for the 2015/16 tax year are set out below. Please note that these rates were correct at the time of uploading and should only be used as a guide and not relied upon to make any decisions.  For further advice, please This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

Income Tax
Personal Allowance:
Persons born after 5 April 1938 £10,600
Persons born before 6 April 1938 (depending on income levels) £10,660
Tax rates on income above the personal allowance:
Starting rate for savings 10% to £5,000
Basic rate 20% to £31,785
Higher rate 40% from £31,786 to £150,000
Additional rate 45%
over £150,000
National Insurance
Class 1 per week contracted in Employee
Employer
Income first £112 0% 0%
£112.01 - £155 (£156 Er's)
0% 0%
£155.01 - £815 12% 13.8%
Excess over £815 2% 13.8%



Class 2 weekly rate £2.80 p.w.

Small earning exemption £5,965 p.a
Class 3 voluntary rate £14.10 p.w.
Class 4 rate between £8,060 and £42,385 9%

rate above £42,385 2%
Corporation Tax – from April 2015 VAT
Profits less than £300,000 20% VAT threshold for registering £82,000
Profits between £300,001 and £1,500,000 Marginal rate Current VAT rate (standard) 20%
Profits over £1,500,000 20%

Capital Gains TaxInheritance Tax
In basic rate band 18% Up to £325,000 0%
In higher rate band 28% £325,001 and over 40%
Entrepreneur’s Relief tax 10%

Personal Allowance £11,100