| Years before death |
0-3 |
3-4 |
4-5 |
5-6 |
6-7 |
| % of death charge |
100% |
80% |
60% |
40% |
20% |
| Main exempt lifetime gifts |
| Recurring annual gifts out of surplus income |
unlimited |
| Annual gifts out of capital (with one year carry forward if unused)
|
£3,000
|
| Small gifts (per recipient)
|
£250
|
| Parental gift on marriage
|
£5,000
|
| Grandparent or party to marriage
|
£2,500
|
| Other gifts on marriage (per donor)
|
£1,000
|
| Business property relief
|
|
| Shares in unquoted companies (including USM/AIM stocks)
|
100%
|
| Shares in quoted companies
|
|
| - shareholding upto 50%
|
none
|
| - shareholding over 50%
|
50%
|
| Unincorporated business or interest in a business
|
100%
|
| Land, buildings, plant and machinery used in the deceased's business/company
|
50%
|
|
National Insurance - Rates and Allowances
|
2014-15 |
2013-14 |
| Lower weekly earnings limit, primary Class 1 |
£111 |
£109
|
| Upper weekly earnings limit, primary Class 1
|
£805
|
£797
|
| Upper weekly accruals point
|
£770
|
£770
|
| Primary weekly earnings threshold
|
£153
|
£149
|
| Secondary weekly earnings threshold
|
£153
|
£148
|
| Employees' primary Class 1 rate between primary earnings threshold and upper earnings limit
|
12%
|
12%
|
| Employees' primary Class 1 rate above upper earnings limit
|
2%
|
2%
|
| Employees' contracted-out rebate between primary earnings threshold and upper earnings limit
|
1.40%
|
1.40%
|
| Married women's reduced rate between primary earnings threshold and upper earnings limit
|
5.85%
|
5.85%
|
| Married women's rate above upper earnings limit
|
2%
|
2%
|
| Employers' secondary Class 1 rate above secondary earnings threshold
|
13.80%
|
13.80%
|
| Employers' contracted-out rebate, final salary-related schemes
|
3.40%
|
3.40%
|
| Class 2 weekly rate
|
£2.75
|
£2.70
|
| Class 2 small earnings exception
|
£5,885 per year
|
£5,725 per year
|
| Special Class 2 weekly rate for share fishermen
|
£3.40
|
£3.35
|
| Special Class 2 weekly rate for volunteer development workers
|
£5.55
|
£5.45
|
| Class 3 voluntary weekly rate
|
£13.90
|
£13.55
|
| Class 4 lower profits limit |
£7,956 per year
|
£7,755 per year
|
| Class 4 upper profits limit
|
£41,865 per year
|
£42,450 per year
|
| Class 4 rate between lower profits limit and upper profits limit
|
9%
|
9%
|
| Class 4 rate above upper profits limit
|
2%
|
2%
|
| A tax free allowance of £2,000 is available to all businesses and charities from 6 April 2014 to offset against their employers' Class 1 NICs.
|
| Capital Gains Tax: Individuals and Trustees |
2014-15 |
2013-14 |
| Annual exempt amount |
|
|
| Individuals |
£11,000 |
£10,900 |
| Trusts |
£5,500 |
£5,450 |
| Rates |
|
|
| Standard rate taxpayers |
18% |
18% |
| Higher rate taxpayers / Trustees |
28% |
28% |
| Limit for gains subject to entrepreneurs' relief (2) |
£10,000,000 |
£10,000,000 |
| Entrepreneurs' rate |
10% |
10% |
| |
|
|
Tax Credits |
2014-15 |
2013-14 |
| Basic element – maximum |
£1,940 |
£1,920 |
| Childcare element 70% of eligible costs up to £175 per week for one child, £300 for two or more children. |
| Child Tax Credits |
2014-15 |
2013-14 |
| Child element per child – maximum |
£2,750 |
£2,720 |
| Family element |
£545 |
£545 |
| If only the child tax credit is claimed, the threshold is £16,010 pa. |
| |
|
|
| Pension contributions |
2014-15 |
2013-14 |
| Lifetime allowance |
£1,250,000 |
£1,500,000 |
| Maximum annual contribution |
£40,000 |
£50,000 |
| Tax on excess |
Marginal rate |
Marginal rate |
| Normal minimum pension age |
£55 |
£55 |
| Basic state pension – per week |
2014-15 |
2013-14 |
| Single person |
£113.10 |
£110.15 |
| |
|
|
| Income Tax Bands |
2014-15 |
2013-14 |
| Basic rate 20% |
£0 - £31,865 |
£0 - £32,010 |
| Higher rate 40% |
£31,866 - £150,000 |
£32,011 - £150,000 |
| Additional rate 45% |
Over £150,000 |
Over £150,000 |
| Dividend and savings income is taxed at 10% up to £2,880 (2013-14 £2,790).
This 10% rate does not apply if taxable non-savings income exceeds £2,880.
Dividends are deemed to be the top slice of total income in computing tax
liability at 10%, 32.5% or 37.5% respectively for 2014-15. |
| |
|
|
| Reliefs |
2014-15 |
2013-14 |
| Personal allowance |
|
|
| - Born after 5/4/48 |
£10,000 |
£9,440 |
| - Born between 6/4/38 and 5/4/48 |
£10,500 |
£10,500 |
| - Born before 6/4/38 |
£10,660 |
£10,660 |
| Registered blind person's allowance |
£2,230 |
£2,160 |
| Income limit for personal allowance* |
£100,000 |
£100,000 |
| Income limit for age related allowances** |
£27,000 |
£26,100 |
| * The personal allowance is gradually withdrawn by £1 for every £2 of income over £100,000.
** The age related allowances are gradually withdrawn by £1 for every £2 of income over £27,000 (2013-14
£26,100), for those born before 6 April 1948 until reduced to level of basic personal allowance.
Married couples allowance - tax relief given at 10% |
| - Born before 6 April 1935 |
£8,165 |
£7,915 |
| - Minimum amount |
£3,140 |
£3,040 |
| |
|
|
| Stamp Duty and Stamp Duty Land Tax (SDLT) |
|
|
| Rate |
Residential property |
Non-residential |
| Zero |
£0 - £125,000 |
£0 - £150,000 |
| 1% |
£125,001 - £250,000 |
£150,001 - £250,000 |
| 3% |
£250,001 - £500,000 |
£250,001 - £500,000 |
| 4% |
£500,001 - £1,000,000 |
Over £500,000 |
| 5% |
£1,000,001 - £2,000,000 |
|
| 7% |
Over £2,000,000 |
|
| 15% |
On £2,000,000 plus houses held in a 'corporate envelope' costing over £500,000 and purchased on or after 20 March 2014 or costing over £2,000,000 when purchased prior to this date. |
| Shares and securities rate 0.5% |
| |
|
|
| Minimum Wage |
From 1 October 2014 |
From 1 October 2013 |
| 21 & over |
£6.50 p.h. |
£6.31 p.h. |
| 18 to 20 |
£5.13 p.h. |
£5.03 p.h. |
| 16 and 17 |
£3.79 p.h. |
£3.72 p.h. |
| Apprentice rate |
£2.73 p.h. |
£2.68 p.h. |
| |
|
|
| VAT |
|
|
| Standard rate |
20% |
| Reduced rate |
5% |
| Zero rate |
0% |
| Annual registration limit (from 1 April 2014) |
£81,000 |
| Annual deregistration limit (from 1 April 2014) |
£79,000 |
| VAT Cash accounting scheme threshold |
£1,350,000 |
| VAT Annual accounting scheme threshold |
£1,350,000 |
| Car, Van & Fuel Benefits
|
| Company cars 2014-15 |
| CO2 emissions
(g/km)
round down to nearest 5g/km
|
% of car's list price taxed |
CO2 emissions
(g/km)
round down to nearest 5g/km
|
% of car's list price taxed |
CO2 emissions
(g/km)
round down to nearest 5g/km
|
% of car's list price taxed |
| 0 |
0 |
130 |
19 |
180 |
29 |
| 1 to 75 |
5 |
135 |
20 |
185 |
30 |
| 76 to 94 |
11
|
140
|
21
|
190
|
31
|
| 95 |
12 |
145 |
22 |
195 |
32 |
| 100
|
13
|
150
|
23
|
200
|
33
|
| 105 |
14 |
155 |
24 |
205 |
34 |
| 110 |
15 |
160 |
25 |
210 and above |
35 |
| 115 |
16 |
165 |
26 |
|
|
| 120 |
17 |
170 |
27 |
|
|
| 125
|
18
|
175
|
28
|
|
|
| There is a diesel supplement of 3% for all bands, subject to a maximum rate of 35%. For cars registered before 1 January 1998 the charge is based on engine size. The list price includes accessories and is not subject to an upper limit. The list price is reduced for capital contributions made by the employee of up to £5,000. |
| Car fuel benefit
|
£21,700 x 'appropriate percentage' (percentage used to calculate the taxable benefit of the car for which the fuel is provided).
There is no taxable benefit for electric cars and vans until 5 April 2015.
The charge is proportionately reduced if provision of private fuel ceases part way through the year. The fuel benefit is reduced to nil only if the employee pays for all private fuel. |
| Van benefit per vehicle
|
| Van benefit |
£3,090 |
|
| Fuel benefit |
£581 |
|
| Capital Allowances |
2014-15 |
2013-14 |
| Plant and machinery |
| – Main writing down allowance |
18% |
18% |
| – Long life assets, integral fixtures |
8% |
8% |
| – First year allowances (certain environmentally efficient products) |
100% |
100% |
| – R&D tax credits SME scheme |
225% |
225% |
| – R&D tax credits Large companies scheme* |
130% |
130% |
| – Annual investment allowance** |
£500,000 |
£250,000 |
| Cars |
| – CO2 emissions up to 95g/km |
100% |
100% |
| – CO2 emissions 96g/km - 130g/km |
18% |
18% |
| – CO2 emissions over 130g/km |
8% |
8% |
* Alternatively a new Above The Line (ATL) tax credit of 10% ia available by election.
The expenditure credit scheme will run alongside the current large company scheme until 31 March 2016 when the large scheme will cease.
** The AIA increased from £25,000 to £250,000 effective from 1 January 2013 to 5 April 2014 (31 March 2014 for Corporation Tax). A further increase in the limit to £500,000 applies from 6 April 2014 (1 April 2014 for Corporation Tax) to 31 December 2015.
|
| |
|
|
| Tax Favoured Investments |
| Individual savings account (ISA) |
2014-15 |
2013-14 |
| ISA investment limit (to 30 June 2014) |
£11,520 |
£11,280 |
| Cash ISA maximum (to 30 June 2014) |
£5,760 |
£5,640 |
| New ISA (NISA) limit (from 1 July 2014) |
£15,000 |
– |
Venture capital trusts
Income tax relief of up to 30% on investments up to £200,000.
|
| |
Enterprise investment scheme
Income tax relief of up to 30% on qualifying share subscriptions between £500 and £1,000,000.
|
| |
Seed enterprise investment scheme
Income tax relief of up to 50% on maximum investment of £100,000 investment with rollover of chargeable gains.
|
| |
Social Investment Tax Relief
Income Tax relief at 30% of the amount invested plus Capital Gains Tax relief.
|
| Key Dates and Deadlines |
|
|
| Payment Dates |
2014-15 |
2013-14 |
| Income tax and Class 4 NIC's: |
|
|
| – First interim income tax payment |
31 January 2015 |
31 January 2014 |
| – Second interim income tax payment |
31 July 2015 |
31 July 2014 |
| – Final balancing income tax payment |
31 January 2016 |
31 January 2015 |
| Capital gains tax payment |
31 January 2016 |
31 January 2015 |
| Class 1A NICs (22nd if paid electronically) |
19 July 2015 |
19 July 2014 |
| Corporation tax is due 9 months and one day after the end of accounting period (or by quarterly instalments if large company).
|
| |
| 2013-14 Return filing deadlines |
|
| Issue P60s to employees |
31 May 2014 |
| Forms P9D, P11D and P11D(b) – and appropriate copies to employees |
06 July 2014 |
| Self Assessment Tax Return (SATR) – paper version |
31 October 2014 |
| SATR Online to have unpaid tax of up to £3,000 collected through the 2015-16 PAYE code |
30 December 2014 |
| SATR Online |
31 January 2015 |