Autus Newsletter » Autumn Statement
Main income tax rates and allowances
Data published as at 25 November 2015
| Main income tax allowances |
2015/16 | 2016/17 |
| Personal allowance | £10,600 | £11,000 |
| Personal allowance reduced by £1 for every £2 of adjusted net income over | £100,000 | £100,000 |
| Transferable tax allowance for married couples/civil partners where there is no entitlement to married couple's allowance and where neither spouse/civil partner pays more than basic rate tax | £1,060 | £1,100 |
| Personal savings allowance: basic rate taxpayers | n/a | £1,000 |
| Personal savings allowance: higher rate taxpayers | n/a | £500 |
| Blind person's allowance | £2,290 | £2,290 |
| Child benefit charge: 1% of benefit for each £100 of adjusted net income between | £50,000-£60,000 | |
| Age-related allowances | ||
| Personal if born before 6/4/38 | £10,660 | n/a |
| Married couples/civil partners at 10% - minimum* | £3,220 | £3,220 |
| Married couples/civil partners at 10% - maximum* | £8,355 | £8,355 |
*Where at least one spouse/civil partner was born before 6 April 1935. |
||
| Income tax rates and bands |
2015/16 | 2016/17 |
| 0% starting rate on savings income up to** | £5,000 |
£5,000 |
| Basic rate of 20% on income up to |
£31,785 | £32,000 |
| Maximum tax at basic rate |
£6,357 | £6,400 |
| Higher rate of 40% on income between |
£31,786- £150,000 |
£32,000 £150,000 |
| Tax on first £150,000 | £53,643 | £53,600 |
| Additional rate on income over £150,000 | 45% | 45% |
| Dividend allowance | n/a | £5,000 |
| Dividend tax credit | 10% | n/a |
| Dividends: ordinary rate | 10% | n/a |
| Dividends: ordinary rate above allowance | n/a | 7.5% |
| Dividends: upper rate | 32.5% | n/a |
| Dividends: upper rate above allowance | n/a | 32.5% |
| Dividends: additional rate |
37.5% | n/a |
| Dividends: additional rate above allowance | n/a | 38.1% |
** Not available if taxable non-savings income exceeds the starting rate band. |
||