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Whitehill Business Services Ltd >> news >> latest news >> UK Tax rates for 2015/16 - part 1: Personal tax

UK Tax rates for 2015/16 - part 1: Personal tax

Posted by admin on December 12, 2014

Tax rates for 2015/16: Part 1 - personal

tax_m.jpgSome aspects of tax rates for 2015/16 tax year aren't finalised - at least in our minds - but personal tax rates and allowances by and large are.  So here's our handy guide to the tax rates and allowances for 2015/16.

Personal tax allowances and reliefs

  £
Aged under 65* 10,600
Born between 6 April 1938 and 5 April 1948 10,600
Born before 6 April 1938 10,660
Transferable personal allowance (to spouse)** 1,050

Notes:

* The personal allowance is restricted by £1 for every £2 of an individual's adjusted net income above £100,000. This means your allowance is zero if your income’s £120,000 or above.

** Tranferable allowance: a spouse or civil partner who is not liable to income tax above the basic rate may transfer £1,050 of their personal allowance to their spouse/civil partner, provided that the recipient of the transfer is not liable to income tax above the basic rate.

Income Tax rates

Rate %  
Basic*   20%   £0 - £42,385
Higher   40%  £42,385 to £150,000 
Top  45%  £150,000 +

Notes:

*A starting rate applies to savings income up to £5,000 - rate 0% - but it is not available if taxable non-savings income also exceeds this band.