Rates and Allowances

Income tax rates and allowances

 

 2019-202020-21
Personal allowance for people born after 5 April 1948£12,500£12,500
Income limit for personal allowance (1)£100,000£100,000
Maximum married couples allowance born before 5 April 1935£8,915£8,915
Minimum married couples allowance£3,450£3,450
Blind person allowance£2,450£2,500
Transferable tax allowance for married couples and civil partners (2)£1,060£1,060
Rent-A-Room limit£7,500£7,500

CAPITAL GAINS TAX

2020-21 (per person)   First £12,300 – exempt   Tax at 10/20% (see notes 1 & 2)

  1. CGT at lower rate where total taxable gains and income are less than the upper limit of income tax basic rate.
  2. 8% surcharge for carried interest and gains on residential property, excluding main residence.
  3. The Personal Allowance reduces where the income is above £100,000 – by £1 for every £2 of income above the £100,000 limit. This reduction applies irrespective of age or date of birth.
  4. Available to spouses/civil partners born after 5 April 1935. This allowance is 10% of the personal allowance for those born after 5 April 1938. It allows a spouse or civil partner who is not liable to income tax above the basic rate, to transfer this amount of their personal allowance to their spouse/civil partner. The recipient must not be liable to tax above the basic rate. The recipient is eligible to a tax reduction of 20% of the transferred amount. More information can be found here; https://www.gov.uk/marriage-allowance.

Income tax rates are different if you live in Scotland.

Income Tax Allowances in Scotland

Income Tax Allowances for Scottish tax year 2020/21

Band

Taxable Income

Scottish Tax Rate

Personal Allowance

Up to £12,500

0%

Starter Rate

£12,501-£14,585

19%

Basic Rate

£14,586-£25,158

20%

Intermediate Rate

£25,159-£43,430

21%

Higher Rate

£43,431 to £150,000

41%

Top Rate

over £150,000

46%

From 6th April 2019, the rates will also differ if you live in Wales.

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