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

Download the Figurit 2015-2016 Tax Tables to keep for your reference. T: 020 7376 9333 E: info@lansdellrose.co.uk

Related Articles

Autumn Statement 2014 Corporation Tax UpdateInheritance Tax Update

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