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TAX FACULTY Tax Rates, Allowances and Reliefs

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TAX FACULTY Tax Rates, Allowances and Reliefs TAX FACULTY Tax rates, allowances and reliefs Published date 28 April 2017 • Updated 22 March 2018 This TAXguide provides a summary of key tax rates, allowances and reliefs for 2016/17, 2017/18 and 2018/19. It includes information relevant for members both in practice and in business. Edited by Sarah Ghaffari TAXguides are published by the Tax Faculty to provide practical guidance to tax practitioners on important developments to tax practice and policy. CONTENTS Business tax 3 Car and van benefits 3 Car benefits 3 Car fuel benefit charge 3 Van and fuel benefits 4 Advisory fuel rates for company cars 4 Mileage allowance payments (MAP) 5 Capital allowances 5 Corporation tax (CT) 6 Diverted profits tax 6 Annual tax on enveloped dwellings (ATED) 6 Patent box 7 Research and development relief 7 Research and development expenditure credit (RDEC) 7 Indirect taxes 7 Stamp duty land tax (SDLT) 7 Residential property 8 Rates for first time buyers (for properties worth £500,000 or less) 8 Non-residential property 8 Value added tax 9 National Insurance Contributions 9 Rates, thresholds and reliefs 9 Tax rates, allowances and reliefs ● 28 April 2017 Page 1 of 16 Apprenticeship Levy 10 Personal tax 11 Income tax rates and allowances 11 Capital gains tax (CGT) 12 Inheritance tax (IHT) 12 High income child benefit charge 13 Remittance basis charge 13 Enterprise investment scheme (EIS) 13 Seed EIS (SEIS) 13 Venture capital trusts (VCTs) 14 Individual savings accounts (ISAs) 14 Pensions contributions 14 Student loan recovery 15 Repayment plan 1 15 Repayment plan 2 (course started on or after 1 September 2012) 15 Tax rates, allowances and reliefs ● 28 April 2017 Page 2 of 16 BUSINESS TAX Car and van benefits Car benefits The car benefit is calculated at a percentage of the car’s list price when new. The list price includes accessories and is not subject to an upper limit. The list price is reduced for capital contributions made by the employee up to £5,000. Special rules may apply to cars provided for disabled employees. The percentages are given in the table below and are based on the car's CO2 emissions in grams per kilometre up to a maximum of 37%. For diesel cars add a 3% supplement (4% from April 2018) but the maximum is still 37%. Cars that meet the Real Driving Emissions Step 2 (RDE2) standard are exempt from the diesel supplement. For cars registered before 1 January 1998 and cars with no agreed CO2 emissions the charge is based on engine size. CO2 emissions % of car’s list price taxed % of car’s list price taxed % of car’s list price (grams per 2016/17 2017/18 taxed 2018/19 kilometre) Petrol Diesel Petrol Diesel Petrol Diesel engine engine engine engine engine engine 0-50 7 10 9 12 13 17 51-75 11 14 13 16 16 20 76-94 15 18 17 20 19 23 95-99 16 19 18 21 20 24 100-104 17 20 19 22 21 25 105-109 18 21 20 23 22 26 110-114 19 22 21 24 23 27 115-119 20 23 22 25 24 28 120-124 21 24 23 26 25 29 125-129 22 25 24 27 26 30 130-134 23 26 25 28 27 31 135-139 24 27 26 29 28 32 140-144 25 28 27 30 29 33 145-149 26 29 28 31 30 34 150-154 27 30 29 32 31 35 155-159 28 31 30 33 32 36 160-164 29 32 31 34 33 37 165-169 30 33 32 35 34 37 170-174 31 34 33 36 35 37 175-179 32 35 34 37 36 37 180-184 33 36 35 37 37 37 185-189 34 37 36 37 37 37 190-194 35 37 37 37 37 37 195-199 36 37 37 37 37 37 200 and over 37 37 37 37 37 37 Find more information at: gov.uk/expenses-and-benefits-company-cars Car fuel benefit charge Car fuel benefit charge multiplier 2016/17 2017/18 2018/19 £22,200 £22,600 £23,400 Car fuel benefit applies if an employee has the benefit of private fuel for a company car. The benefit is calculated by applying the percentage used to calculate the car benefit to a 'fuel charge multiplier'. Tax rates, allowances and reliefs ● 28 April 2017 Page 3 of 16 The charge does not apply to certain environmentally-friendly cars. The fuel benefit is reduced to nil only if the employee pays for all private fuel. Find more information at: gov.uk/expenses-and-benefits-company-cars Van and fuel benefits Van benefit charge 2016/17 2017/18 2018/19 Vans which emit CO2 £3,170 £3,230 £3,350 Vans which do not £630 £646 £1,340 emit CO2 when driven Van fuel benefit charge 2016/17 2017/18 2018/19 £598 £610 £633 Van benefit is chargeable if the van is available for an employee’s private use. The charges do not apply if a restricted private use condition is met throughout the year. A fuel benefit may also be chargeable if an employee has the benefit of private fuel paid for in respect of a company van. Find more information at: gov.uk/expenses-and-benefits-company-vans Advisory fuel rates for company cars Advisory rates only apply where employers reimburse employees for business travel in a company car or require employees to repay the cost of fuel used for private travel in a company car. If the rate paid per mile of business travel is no higher than the advisory rate for the particular engine size and fuel type of the car, HMRC will accept that there is no taxable profit and no Class 1 NIC liability. Engine Fuel type From From From From From size 01/09/2015 01/012/2015 01/03/2016 01/07/2017 01/12/2017 1400cc or Petrol 11p 11p 10p 11p 11p smaller 1400cc or LPG 7p 7p 7p 7p 7p smaller 1600cc or Diesel 9p 9p 8p 9p 9p smaller 1401cc to Petrol 14p 13p 12p 14p 14p 2000cc 1401cc to LPG 9p 9p 8p 9p 9p 2000cc 1601cc to Diesel 11p 11p 10p 11p 11p 2000cc Bigger than Petrol 21p 20p 19p 20p 21p 2000cc Bigger than LPG 14p 13p 13p 14p 14p 2000cc Bigger than Diesel 13p 13p 13p 13p 13p 2000cc Find more information at: gov.uk/government/publications/advisory-fuel-rates Tax rates, allowances and reliefs ● 28 April 2017 Page 4 of 16 Mileage allowance payments (MAP) MAP rates per business mile (for business travel in employee’s own vehicle) Cars and Rate per mile vans 2016/17 2017/18 2018/19 Up to 10,000 45p 45p 45p miles Over 10,000 25p 25p 25p miles Bicycles 20p 20p 20p Motorcycles 24p 24p 24p Find more information at: gov.uk/government/expenses-and-benefits-business-travel-mileage Capital allowances Plant and machinery From 01/01/16 2016/17 2017/18 2018/19 Annual investment allowance of £200,000 £200,000 £200,000 £200,000 100% Main writing down allowance 18% 18% 18% 18% rate 1 Special rate pool (long life 8% 8% 8% 8% assets and integral features within a building) 1 Energy saving/ environmentally 100% 100% 100% 100% beneficial assets 2 Commercial or industrial 100% 100% 100% 100% building in an enterprise zone 3 Research and development 4 100% 100% 100% 100% Business premise renovation 100% 100% N/A N/A allowance 5 Motor cars 6 2016/17 2017/18 2018/19 Low emission less than or equal to 100% 100% 100% 75g/km Emissions between 75g/km and 18% 18% 18% 130g/km or equal to 130g/km Emissions greater than 130g/km 8% 8% 8% Notes: 1. Reducing balance 2. See enhanced capital allowance scheme (ECA) 3. Transitional rules apply until 2020 4. Extra credits are available - see below 5. Regime ended 31 March 2017 for corporation tax and 5 April 2017 for income tax 6. These rates apply to new cars. Second hand and electric cars with emissions equal to or below 130g/km can claim 18% Find more information at: gov.uk/topic/business-tax/capital-allowances Tax rates, allowances and reliefs ● 28 April 2017 Page 5 of 16 Corporation tax (CT) Rates Financial year Financial year Financial year commencing 1 April 2016 commencing 1 April 2017 commencing 1 April 2017 Main rate 20% 19% 19% Find more information at: gov.uk/topic/business-tax/corporation-tax North Sea oil and gas Financial year Financial year Financial year ring fenced profits rates commencing 1 April commencing 1 April commencing 1 April 2016 2017 2018 Small profits rate (under 19% 19% 19% £300,000) Main rate 30% 30% 30% Main rate relief 11/400 11/400 11/400 Supplementary rate charge 20% 1 10% 10% Note: 1. Supplementary charge rate reduced to 10% for accounting periods starting on or after 1 January 2016. Find out more at: gov.uk/guidance/oil-gas-and-mining-ring-fence-corporation-tax Diverted profits tax 2016/17 2017/18 2018/19 Rate 25% 25% 25% Find more information at: gov.uk/government/publications/diverted-profits-tax-guidance Annual tax on enveloped dwellings (ATED) Since 1 April 2013 ATED is payable by non-natural persons that own high value residential property. ATED does not apply to individuals or to entities which use residential property for a qualifying business purpose. The amount of ATED is worked out using a banding system based on the value of the property as at 1 April 2012 (or subsequent acquisition date).
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