NEWS
November 1, 2018
| INCOME TAX | ||
| UK excluding Scottish taxpayers’ non-savings income | 18/19 | 19/20 |
| 20% basic rate on taxable income up to | £34,500 | £37,500 |
| 40% higher rate on taxable income over | £34,500 | £37,500 |
| 45% additional rate on taxable income over | £150,000 | £150,000 |
| All UK taxpayers | ||
| Starting rate at 0% on savings income up to* | £5,000 | £5,000 |
| Personal savings allowance at 0%: Basic rate Higher rate Additional rate | £1,000 £500 £0 | £1,000 £500 £0 |
| Dividend allowance at 0% – all individuals | £2,000 | £2,000 |
| Tax rates on dividend income: Basic rate | 7.5% | 7.5% |
| Higher rate | 32.5% | 32.5% |
| Additional rate | 38.1% | 38.1% |
| Trusts: Standard rate band generally | £1,000 | £1,000 |
| Rate applicable to trusts: Dividends | 38.1% | 38.1% |
| Other income | 45% | 45% |
* Not available if taxable non-savings income exceeds the starting rate band
| Scottish taxpayers – non-dividend, non-savings income* | 18/19 | 19/20 |
| 19% starter rate on income up to | £2,000 | TBA |
| 20% basic rate on slice of income up to | £12,150 | TBA |
| 21% intermediate rate on next slice up to | £31,580 | TBA |
| 41% higher rate on next slice up to | £150,000 | TBA |
| 46% top rate on income over | £150,000 | TBA |
* Scottish rates for 19/20 TBA on 12/12/18 in Scottish Budget
| High Income Child Benefit charge: 1% of benefit per £100 of adjusted net income of £50,000–£60,000 |
| Main personal allowances and reliefs | 18/19 | 19/20 |
| Personal allowance* | £11,850 | £12,500 |
| Married couple’s / civil partner’s transferable allowance | £1,190 | £1,250 |
| Married couple’s / civil partner’s allowance at 10%† – maximum (if at least one born before 6/4/35) – minimum | £8,695 | £8,915 |
| £3,360 | £3,450 | |
| Blind person’s allowance | £2,390 | £2,450 |
| Rent-a-room relief | £7,500 | £7,500 |
| Property allowance and trading allowance (each) | £1,000 | £1,000 |
* Personal allowance reduced by £1 for every £2 of adjusted net income over £100,000
† Married couple’s allowance reduced by £1 for every £2 of adjusted net income over £29,600 (£28,900 for 2018/19), until minimum reached
| Non-domicile remittance basis charge after UK residence in at least: | 18/19 | 19/20 |
| 7 of the last 9 tax years 12 of the last 14 tax years | £30,000 £60,000 | £30,000 £60,000 |
PLEASE NOTE: By the very nature of this type of information the details of tax law might have changed since they were published, so contact your Barnes Roffe partner before acting on any matter contained in this document.
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PLEASE NOTE: By the very nature of this type of information the details of tax law might have changed since they were published, so contact your Barnes Roffe partner before acting on any matter contained in these documents.
