INCOME TAX |
2016/2017 |
2015/2016 |
Basic rate band - income up to
Starting rate for savings
Basic rate
Dividend ordinary rate
Higher rate - income over
Higher rate
Dividend upper rate
Additional rate - Income over
Additional rate
Dividend additional rate
Starting rate limit (Savings Income) |
£32,000
*0%
20%
**7.5%
£32,000
40%
32.5%
£150.000
45%
**38.1% *£5,000 |
£31,785
*0%
20%
10%
£31,785
40%
32.5%
£150,000
£45%
37.5%
*£5,000 |
For 2017/17 Scottish Taxpayer effectively subject to the same income tax rates as rest of Uk.
*If an Individual's taxable non-savings income exceeds the starting rate limit, then the starting rate limit for savings will not be available for savings income. For 2016/17 £1000 of savings income for basic rate taxpayers (£500 higher rate) may be tax free.
**For 2016/17 first £5000 of dividends are tax free. |
PERSONAL ALLOWANCES |
|
|
Born after 5th April 1938
Born before 6th April 1938
|
£11,000
*£11,000
|
£10,600
*£10,660
|
Married couple's allowance (MCA)
Either partner born before 6 April 1935
|
*£8,355
|
*£8,355 |
Transferable tax allowance |
|
|
For certain married couples (Relief 20%) |
£1,100 |
£1,060 |
*Allowances for are reduced by £1 for every £2 that adjusted net income exceeds £27,700 (£27,000) to a minimum PA of £11,000 (£10,000) and to a minimum MCA of £3,220. where adjusted net income exceeds £100,000, PA is reduced in the same way until it is nil regardles if individuals date of birth. |
NATIONAL INSURANCE CONTRIBUTIONS |
2016/2017 |
Class 1 not contracted out |
Employer
(primary) |
Employee
(secondary) |
Payable on Weekly earnings of:
Below £112(Lower earnings limit)
£112 to £155 (Employer's primary threshhold)
up to £156(secondary threshold)
above £156
£155.01-£815 (upper earnings limit)
£156.01-£815 (Upper secondary threshold-under 21) and apprentices over 25
Above £815 |
Nil
0%
-
-
**12%
12%
**2%
|
Nil
13.8%
-
0%
|
*No NIc's are actually payable but notional class 1 NIC is deemed to have been payed, this protects certain basic state benefit entitlements. ** over state pension age employee contribution is generally Nil |
Employment Allowance |
up to £3000 (per year) |
Class 1A On relevant benefits |
13.8% |
Class 2 Self employed
Limit of net earnings for exception |
£2.80 per week
£5,965 per annum |
Class 3 Voluntary contributions may be available to 5thApril 2017 in order to obtain extra additional state pension
(maximum £25 per week)-variable rates acording to age |
£14.10 per week |
Class 4 *Self employed on profits
£8,000 - £42,385
Excess over £42,385
*exemption applies if state retirement age is reached by 6th April 2013 |
9%
2%
|