Income tax

Allowances and reliefs	2015/16	2014/15
Personal (basic)	£10,600	£10,000
Personal allowance reduced if net income exceeds*	£100,000	£100,000
Transferable tax allowance for married couples/civil partners	£1,060	N/A
Personal (age) if born between 6/4/38 and 5/4/48	N/A	£10,500
Personal (age) if born before 6/4/38	£10,660	£10,660
Personal (age) reduced if net income exceeds*	£27,700	£27,000
Married couples/civil partners (minimum) at 10%†	£3,220	£3,140
Married couples/civil partners (maximum) at 10%*†	£8,355	£8,165
Child benefit charge 1% of benefit for every £100 of income between £50,000 and £60,000
Blind person’s allowance	£2,290	£2,230
Rent-a-room tax-free income	£4,250	£4,250
Venture capital trust (VCT) at 30%	£200,000	£200,000
Enterprise investment scheme (EIS) at 30%	£1,000,000	£1,000,000
EIS eligible for capital gains tax (CGT) deferral relief	No limit	No limit
Seed EIS (SEIS) at 50%	£100,000	£100,000
SEIS CGT reinvestment relief	50%	50%
Registered pension scheme:
• annual allowance	£40,000	£40,000
• money purchase annual allowance	£10,000	N/A
• lifetime allowance	£1,250,000	£1,250,000

*£1 reduction for every £2 of additional income over the income threshold.
† Where at least one spouse/civil partner was born before 6/4/35.

Income tax rates	2015/16	2014/15
Starting rate	0%	10%
on savings income up to*	£5,000	£2,880
Basic rate of 20% on income up to	£31,785	£31,865
Higher rate of 40% on income	£31,786–	£31,866–
	£150,000	£150,000
Additional rate of 45% on income over	£150,000	£150,000
Dividends for:
• basic rate taxpayers	10%	10%
• higher rate taxpayers	32.5%	32.5%
• additional rate taxpayers	37.5%	37.5%
Trusts:
• standard rate band generally	£1,000	£1,000
• dividends	37.5%	37.5%
• other income	45%	45%

* Not available if taxable non-savings income exceeds the starting rate band.