Tax Rates
Current tax rates

Income Tax Rates

 

2015-16

 

2014-15

Taxable Bands(£)

  Rate

Taxable Bands(£)

 Rate

0 - 31,785

20%

0 - 31,785

20%

31,786 - 150,000

40%

31,786 - 150,000

40%

Over 150,000

45%

Over 150,000

45%

 

Income Tax Allowances

 

2015-16

(£)

2014-15

(£)

General

  10,600

10,000

Income limit

  100,000

100,000

Born after 5.4.1939 but before 6.4.1948

N/A

10,500

Born before 6.4.1938

10,660

10,660

Age allowance income limit

27,700

27,700

Minimum where income exceeds age limit(subject to general income limit)

10,600

10,000

Transferrable marriage allowance 1,060 N/A
Married couple's allowance ( relief@10%) Either partner born before 6.4.1935 8,355 8,165

Age allowance income limit

27,700

27,000

Minimum wher income exceeds limit 3,220 3,140
Blind person's allowance 2,290 2,230


               

Corporation Tax

 

Corporation Tax On Profits - £ per year (unless stated)

 

Rate

Financial Year to 31/3/2016

Financial Year to 31/3/2015

Full rate 20% 21%

Small profit rate

  N/A

  20%

20% rate limit N/A £300,000

Marginal relief limit

N/A

£1,500,000

Marginal relief fraction

N/A

1/400

Effective marginal rate
N/A
21.25%

 

               

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