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Income Tax Rates
Income Tax - taxable bands |
2020/21 |
2019/20 |
2018/19 |
Starting rate for savings: 0% |
£0 -5,000 |
£0 -5,000 |
£0 -5,000 |
Basic rate: 20% |
£0 -37,500 |
£0 -37,500 |
£0 -34,500 |
Higher rate: 40% |
£37,501 -150,000 |
£37,500 -150,000 |
£34,501 -150,000 |
Additional Rate: 45% |
£150,000 + |
£150,000 + |
£150,000 + |
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Savings Allowance |
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Basic Rate |
£1000 |
£1000 |
£1000 |
Higher Rate |
£500 |
£500 |
£500 |
Additional Rate |
£- |
£- |
£- |
Dividends (effective rate) |
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Personal dividend allowance - first £2,000 of dividends |
0% |
0% |
0% |
Basic rate taxpayers |
7.5% |
7.5% |
7.5% |
Higher rate taxpayers |
32.5% |
32.5% |
32.5% |
Additional rate taxpayers 45% |
38.1% |
38.1% |
38.1% |
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Pre-owned assets tax (£5,000 taxable threshold) |
As income |
As income |
As income |
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Discretionary and Relevant Property Trusts* |
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Standard rate band |
1,000 |
1,000 |
1,000 |
Dividends (rate applicable to trusts - RAT) |
38.1% |
38.1% |
38.1% |
Other income (rate applicable to trusts - RAT) |
45% |
45% |
45% |
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Interest In Possession Trusts |
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UK Dividends |
7.5% |
7.5% |
7.5% |
Savings, rent and trading |
20% |
20% |
20% |