Current Income Tax rates
For more detailed information visit the HMRC Website
RATES | 2019/20 | 2020/21 | 2021/22 |
---|---|---|---|
Basic rate of 20% on income up to… | £37,500 | £37,500 | £37,700 |
Higher rate of 40% on income… | £37,501 to £150,000 | £37,500 to £150,000 | £37,700 to £150,000 |
Additional rate of 45% on income | £150,000 | £150,000 | £150,000 |
Starting rate of 0% for savings up to | £5,000 | £5,000 | £5,000 |
Dividends: basic rate taxpayers | 7.5% | 7.5% | 7.5% |
Higher rate taxpayers | 32.5% | 32.5% | 32.5% |
Additional rate taxpayers | 38.1% | 38.1% | 38.1% |
Trust rate | 45% | 45% | 45% |
Trust rate on first £1,000 | 20% (7.5%) | 20% (7.5%) | 20% (7.5%) |
Trust rate on dividends | 38.1% | 38.1% | 38.1% |
PERSONAL ALLOWANCES | 2019/20 | 2020/21 | 2021/22 |
---|---|---|---|
Personal allowance | £12,500 | £12,500 | £12,570 |
Income limit for personal allowance | £100,000 | £100,000 | £100,000 |
Married couple’s/civil partnership allowance | |||
– Maximum amount | £8,915 | £9,075 | TBA |
– Minimum amount | £3,450 | £3,510 | TBA |
Income limit for married couples/civil partnership allowance | £29,600 | £30,200 | TBA |
Marriage allowance | £1,250 | £1,250 | £1,257 |
Blind person’s allowance | £2,450 | £2,500 | TBA |
Trading allowance | £1,000 | £1,000 | £1,000 |
Property allowance | £1,000 | £1,000 | £1,000 |
SAVINGS AND INVESTMENTS | 2019/20 | 2020/21 | 2021/22 |
---|---|---|---|
Dividend allowance | £2,000 | £2,000 | £2,000 |
Personal savings allowance | |||
– basic rate taxpayers | £1,000 | £1,000 | £1,000 |
– higher rate taxpayers | £500 | £500 | £500 |
– additional rate taxpayers | £nil | £nil | £nil |