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 |