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Tax Tables 2021-22

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Tax Tables 2021-22 Tax Tables 2021-22 These Tax Tables contain details of the UK’s tax rates and allowances in the following areas: Income tax Personal allowances Capital gains tax (CGT) National Insurance contributions (NICs) Corporation tax Inheritance tax (IHT) Remittance Basis Charge (RBC) Pension schemes Stamp taxes Individual savings accounts (ISAs) VAT Annual Tax on Enveloped Dwellings (ATED) Enterprise Investment Scheme (EIS) & Seed EIS (SEIS) Venture Capital Trusts (VCTs) Capital allowances Apprenticeship Levy Car, van and fuel benefits Tax relief for qualifying research & development (R&D) Creative industries tax relief Income tax Capital gains tax (CGT) Individuals 2021-22 2020-21 Individuals 2021-22 2020-21 Non-savings Annual exemption £12,300 £12,300 Savings Dividends (excluding Band of taxable income Band of taxable income (all UK) (all UK)** Main rates Scotland)* Within basic rate band 10% 10% - 0%*** - £1 - £5,000 £1 - £5,000 Above basic rate band 20% 20% 20% 20% 7.5% £1 - £37,700 £1 - £37,500 Gains on residential property and 40% 40% 32.5% £37,701 - £150,000 £37,501 - £150,000 carried interest Within basic rate band 18% 18% 45% 45% 38.1% Over £150,000 Over £150,000 Above basic rate band 28% 28% Non-savings and non-dividend income above personal allowance (Scotland only) Trustees Exempt amount £6,150 £6,150 19% £1 - £2,097 £1 - £2,085 Main rate 20% 20% 20% £2,098 - £12,726 £2,086 - £12,658 Gains on residential property 28% 28% 21% £12,727 - £31,092 £12,659 - £30,930 Companies 41% £31,093 - £150,000 £30,931 - £150,000 NRCGT gains 20% 20% 46% Over £150,000 Over £150,000 Other chargeable gains 19% 19% Trustees (all UK) 2021-22 and 2020-21 Business Asset Disposal Relief BADR Life interest Discretionary BADR may be available in respect of gains on the qualifying disposal or cessation of at least part of a business, including a disposal Non-savings 20% 45% of shares in trading companies where inter alia the vendor is an employee of the company and holds at least 5% of the shares and Savings 20% 45% voting rights, and iseither beneficially entitled to at least 5% of the profits available for distribution and to at least 5% of the assets on a winding up, or would be entitled to at least 5% of the proceeds in the event of a disposal of the whole share capital of Dividends 7.5% 38.1% the company. Different rules apply where the shares were acquired under an Enterprise Management Incentive Scheme. A CGT Standard rate band**** n/a £1,000 flat rate of 10% applies. Assets must have been owned for at least two years. The lifetime limit for gains qualifying for BADR is £1 million. * Taxpayers with a main residence in Wales will pay Welsh rates of Income Tax set by the Welsh government. For the tax year Investors' Relief (IR) 2021-22 the Welsh rates are set at the same level as in England and Northern Ireland IR may be available in respect of gains made by non-employee/director shareholders on the disposal of qualifying shares. A flat ** Applies to dividend income received above the Dividend Allowance. Dividends are taxed as the top slice of income, before rate of 10% applies. Assets must have been owned for at least three years to qualify for the relief and there is a lifetime limit of capital gains £10 million on the gains for which relief can be claimed. *** The 0% rate applies to savings income only, and is not available where taxable non-savings income is above £5,000 **** Income in the standard rate band is taxed at 7.5% or 20% as appropriate National Insurance contributions (NICs) From 6 April 2021 Personal allowances Class 1 Employee Employer* 2021-22 2020-21 Weekly earnings Rate Weekly earnings Rate Personal allowance £12,570 £12,500 £1 - £184 nil £1 - £170 nil Income limit for personal allowance* £100,000 £100,000 £184 - £967 12% Over £170 13.8% Dividend allowance £2,000 £2,000 Over £967 2% Personal savings allowance** £1,000 £1,000 Other classes of National Insurance Marriage allowance (for those born after £1,260 £1,250 Class 1A/1B 13.8% 5/4/1935)*** Class 2 £3.05 weekly where profits exceed £6,515pa Married couple’s allowance (for those £9,125 £9,075 born before 6/4/1935)**** Class 3 £15.40 Blind person’s allowance £2,520 £2,500 Class 4 9% on profits between £9,568 and £50,270, and 2% above £50,270 Employment allowance * Personal allowance is reduced by £1 for every £2 over income limit, and exhausted where income exceeds £125,140 ** Reduced to £500 for higher rate taxpayers Certain employers qualify for a £4,000 reduction in the amount of NICs they pay. *** Spouses/civil partners may transfer up to this amount of their personal allowance between them, provided you do not pay income tax or your income is below your personal allowance and your partner is liable to income tax at the basic rate * Different limits may apply to under 21s and apprentices under 25 **** Reduced by £1 for every £2 of income above £30,400 (2020-21 £30,200). Minimum allowance £3,530. Relief is given at 10% Corporation tax 2021-22 2020-21 Profits and gains 19% 19% Restitution interest payments 45% 45% Diverted profits 25% 25% Inheritance tax (IHT) Stamp taxes 2021-22 2020-21 Stamp Duty Nil rate band* £325,000 £325,000 Stamp Duty is charged at 0.5% where consideration for the transfer exceeds £1,000. Additional residence nil rate band* £175,000 £175,000 Stamp Duty Land Tax (SDLT) Tax rate above nil rate band 40%** 40%** SDLT is charged on a progressive basis on the transfer of UK property (excluding Scotland and Wales), and on most lease (on death) premiums according to the value of the consideration and the use. Lifetime gifts 1 April 2021 to 30 June 2021 Lifetime gifts to individuals are exempt from IHT if the donor survives seven years. Tax charges on gifts within seven years of death are as follows: Rate* Residential bands Rate** Non-residential bands 0% £0 - £500,000 0% £0 - £150,000 Years before death 0-3 3-4 4-5 5-6 6-7 % of death rates 100 80 60 40 20 5%*** £500,001 - £925,000 2% £150,001 - £250,000 10%*** £925,001 - £1,500,000 5% Over £250,000 Chargeable lifetime gifts above the available nil rate band are taxed at 20%. 12%*** Over £1,500,000 Other exemptions 1 July 2021 to 30 September 2021 Transfers to spouses/civil partners where both are UK domiciled. Certain gifts out of income. Small gifts: £250 per donee. Annual Rate* Residential bands Rate** Non-residential bands gifts £3,000 per donor. In consideration of marriage: parent £5,000; grandparent, remoter ancestor or party to marriage £2,500; other £1,000. 0% £0 - £250,000 0% £0 - £150,000 Individuals not domiciled in the UK 5%*** £250,001 - £925,000 2% £150,001 - £250,000 Spousal exemption is limited to £325,000 where the transfer is to a non-UK domiciled spouse who does not elect to be treated as 10%*** £925,001 - £1,500,000 5% Over £250,000 UK domiciled. 12%*** Over £1,500,000 An individual will become deemed domiciled in the UK where they have been resident for 15 of the last 20 years (eg from 1 October 2021 2006-07). Professional advice should be sought where there has been a break in UK residency or where an election to be UK Rate* Residential bands Rate** Non-residential bands domiciled is to be made. 0% £0 - £125,000 0% £0 - £150,000 * A surviving spouse/civil partner is entitled to any unused nil rate band/additional residence nil rate band of their deceased spouse/civil partner. There is a tapered reduction in the RNRB for estates with a value in excess of £2 million, of £1 for every £2 2% £125,001 - £250,000 2% £150,001 - £250,000 over the £2 million limit 5%*** £250,001 - £925,000 5% Over £250,000 ** 36% where 10% or more of the deceased’s net estate is left to charity 10%*** £925,001 - £1,500,000 12%*** Over £1,500,000 Scotland – Land and Buildings Transaction Tax (LBTT) Remittance Basis Charge (RBC) LBTT has replaced SDLT for properties in Scotland. It is charged on the transfer of Scottish property and on most lease premiums and, like SDLT, applies on a progressive basis. Rates and thresholds differ from SDLT, and specialist advice should be sought when An individual who is not domiciled in the UK may be eligible to make a claim to be taxed on the remittance basis in the UK for a tax buying a property in Scotland. year. Those who have been resident in the UK for more than seven years may need to pay an RBC if a claim is made, as follows: Wales – Land Transaction Tax (LTT) For the year ended 5 April 2022 LTT has replaced SDLT for properties in Wales. It is charged on the transfer of Welsh property and on most lease premiums and, Need to pay RBC if became (and remained) resident Amount like SDLT, applies on a progressive basis. Rates and thresholds differ from SDLT, and specialist advice should be sought when in the year ended: buying a property in Wales. 5/4/2015 £30,000 * From 1 July 2021, no SDLT is payable on the first £300,000 of certain purchases of up to £500,000 by first time buyers 5/4/2010 £60,000 buying their main residence.
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