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