2015-2016 Summary of tax rates, reliefs and allowances
With the 2015/2016 tax-year just a few months away and with all the important announcements of the 2014 Budget and
2014 Autumn Statement now taken place, the tax rates, reliefs and allowances have all been set in stone for another year. The change will commence on the first day of the new tax year, being 6 April 2015.
Commercial business owners will find some of these rates relevant:
| 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 |
| Savings: Basic rate: 20% |
0-£31,865 |
0 – £31,785 |
| Savings: Higher rate: 40% |
£31,866-£150,000 |
£31,786 – £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 |
Marginal rate |
Marginal rate |
| Corporation Tax: £1,500,001 or more |
21% |
21% |
| ISAs: Overall limit |
£15,000 |
£15,240 |
| ISAs: Child Trust Fund (CTF) subscription limit+ |
£4,000 |
£4,080 |
Figurit have prepared a FREE download for you of our Tax Tables that you can print and use for a handy reference.
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