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.

 Tax Rates 2019 Uncategorized
Tax rates 2019

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

Tax Rates 2019

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