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Income Tax

	2016-17	2015-16
Basic rate band – income up to	£32,000	£31,785
Starting rate for savings	*0%	*0%
Basic rate	20%	20%
Dividend ordinary rate	**7.5%	0%
Higher rate – income over	£32,000	£31,785
Higher rate	40%	40%
Dividend upper rate	**32.5%	25%
Additional rate – income over	£150,000	£150,000
Additional rate	45%	45%
Dividend additional rate	**38.1%	30.6%
Starting rate limit (savings income) £5,000 £5,000 For 2016/17 Scottish taxpayers effectively subject to the same income tax rates as rest of UK If an individual's taxable non-savings income exceeds starting rate limit, then starting rate limit for savings will not be avaliable for savings income. For 2016/17, £1,000 of savings income for basic rate taxpayers (£500 higher rate) may be tax-free. * for 2016/17 first £5,000 of dividends tax-free.
Personal allowances (PA)
Born after 5 April 1938	*£11,000	*£10,600
Born before 6 April 1938	*£11,000	*£10,660

Married Couple’s allowance (MCA) (relief 10%)
Either partner born before 6 April 1935	*£8,355	*£8,355
Transferable Tax Allowance for certin married couples (relief 20%)	£1,100 £1,060
*Allowances are reduced by £1 for every £2 that adjusted net income exceeds £27,700 to a minimum PA of £11,000 (£10,600) and to a minimum MCA of £3,220. Where adjusted Net income exceeds £100,000, PA is reduced in the same way untill it is nill regardless of the individual's date of birth.
Tax Shelters Seed Enterprise Investment Scheme up to	£200,000 £200,000
Enterprise Investment Scheme up to	£1,000,000	£1,000,000
Venture Capital Trust up to	£100,000	£100,000
Social Investment Tax Relief	£1,000,000	£1,000,000
Tax Free Savings Accounts	2016/17
ISA subscription limit Junior ISA and CTF subscription limit	£15,240 £4,080

A member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)

Our Services

Accountancy and VAT
Taxation
Corportate Finance
Payroll
Small Businesses

Address

82b High Street
Sawston
Cambridge
CB22 3HJ

How to find us

Contact Details

Telephone: 01223 830020
Fax: 01223 830021

E-mail: enquiries@pwaccounts.co.uk