TAX RATES 2019
Tax Rates 2019 are here below. Basic rate tax payers will get an additional £130 in 2019-20, as the Chancellor reported that the individual tax free allowance will ascend to £12,500, a year sooner than guaranteed in the Conservative statement. Higher-rate tax payer individuals will likewise be in an ideal situation, with the higher-rate limit ascending to £50,000 (counting the individual allowance), comparable to an additional £860 every year. However, a portion of the additions will be eaten away by increased NI contributions, as the 12% NI band is attached to the higher-rate edge. All things considered, working age people will pay 12% of their income somewhere in the range of £8,632 and £50,000 and 2% on higher amount after that. From April 2020 onwards, the basic and higher-rate limits are set to stay the same, before starting to increment in accordance with inflation from April 2021.
Here below chart explain basic tax rates and allowance for 2019
| Personal Tax Free Allowance | £12,500 |
|---|---|
| Dividend 0% Rate Allowance | £2,000 |
| Savings Allowance (Basic Taxpayers) | £1,000 |
| Savings Allowance (Higher Taxpayers) | £500 |
Marriage Allowance (Transferable Tax Allowance)
| Marriage Allowance | £1,250 |
|---|
Income Tax percentages rates 2019.
| Band | Limits | Percentage |
|---|---|---|
| Starting Rate | £0 – £5,000 | 0%* |
| Basic Rate | £0 – £37,500 | 20% |
| Higher Rate | £37,501 – £150,000 | 40% |
| Additional/Top Rate | Over £150,000 | 45% |
Dividend Tax Bands and Percentages tax rates 2019.
| Band | Limits | Percentage |
|---|---|---|
| Basic Rate | £0 – £37,500 | 7.5% |
| Higher Rate | £37,501 – £150,000 | 32.5% |
| Additional/Top Rate | Over £150,000 | 38.1% |
National Insurance Rates and Allowances
Shared Banding For All NICs
| Lower Earnings Limit (Weekly) | £118 |
|---|---|
| Upper Accrual Point (Weekly) | £770 |
| Upper Earnings Limit (Weekly) | £962 |
| Primary Threshold (Weekly) | £166 |
| Secondary Threshold (Weekly) | £166 |
Rates for Class 1 NICs
| Between Primary Threshold and Upper Earnings Limit | 12% |
|---|---|
| Above Upper Earnings Limit | 2% |
| Employers’ Rate Above Secondary Threshold | 13.8% |
| Class 1A Rate On Employer Provided Benefits | 13.8% |
| Employees’ Contracted Out Rebate | 1.4% |
| Employers’ Contracted Out Rebate | 3.4% |
| Married Women’s Reduced Primary and Upper Earnings | 5.85% |
| Married Women’s Reduced Rate Above Upper Earnings | 2% |
Self Employed Class 2 and Class 4 NICs
| Class 4 Lower Profits Limit (Annual) | £8,632 |
|---|---|
| Class 4 Upper Profits Limit (Annual) | £50,000 |
| Class 4 Rate / Lower and Upper Profits | 9% |
| Class 4 Rate Above Upper Profits | 2% |
| Class 2 Earnings Exception Limit | £6,365 |
| Class 2 Weekly Amount | £3.00 |
| Class 2 Weekly Amount (Share Fisherman) | £3.65 |
| Class 2 Weekly Amount (Volunteer Development Workers) | £5.90 |
Capital Gains Tax Rates 2019 and Annual Exempt
Annual Exempt Amount
| Individuals | £12,000 |
|---|---|
| Other Trustees | £6,000 |
CGT Tax Rates 2019
| Basic Rate Taxpayer (Residential Property) | 18% |
|---|---|
| Higher Rate Taxpayer (Residential Property) | 28% |
| Basic Rate Taxpayer (Other Gains) | 10% |
| Higher Rate Taxpayer (Other Gains) | 20% |
| Personal Representative of a Deceased person (Residential Property) | 28% |
| Personal Representative of a Deceased person (Other Gains) | 20% |
| Gains Entrepreneurs’ Relief | 10% |
We hope these above will help you to understand the basic tax rates changing from April 2019. However please note these above are only for guidance not a professional advice in any shape or form.
Should you need to seek tax advice please get in touch by clicking here
