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. T: 020 7276 9333 E: info@figurit.com

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