TAX: Summary of tax rates for 2015-2016
Now that the 2014 Autumn Statement has been and gone and the new tax year is just a few months away, we have the full picture on tax rates, tax reliefs and allowances for the 2015-2016 tax year. Here are some of the more relevant rates applying to doctors and dentists.| Per year |
2014-15 |
2015-16 |
| Personal allowance (age under 65) |
£10,000 |
£10,600 |
| Married couple’s allowance – minimum amount |
£3,140 |
£3,220 |
| Savings: Starting rate*: 10% |
0-£2,880 |
0-£5,000 |
| Basic rate: 20% |
0-£31,865 |
0 – £31,785 |
| Higher rate: 40% |
£31,866-£150,000 |
£31,786 – £150,000 |
| Additional Rate: 45% |
£150,000+ |
£150,000+ |
| Standard rate of CGT |
18% |
18% |
| Higher rate of CGT |
28% |
28% |
| Corporation Tax: £0-£300,000 |
20% |
20% |
| Corporation Tax: £300,001 – £1,500,000 |
21.25% |
20% |
| Corporation Tax: £1,500,001 or more |
21% |
20% |
| ISAs: Overall limit |
£15,000 |
£15,240 |
