{"id":318,"date":"2011-08-23T19:37:14","date_gmt":"2011-08-23T18:37:14","guid":{"rendered":"http:\/\/jsrcharteredaccountants.com\/?page_id=318"},"modified":"2017-03-10T13:18:39","modified_gmt":"2017-03-10T13:18:39","slug":"income-tax","status":"publish","type":"page","link":"https:\/\/jsrcharteredaccountants.com\/tax-rates-allowances\/income-tax","title":{"rendered":"Income Tax"},"content":{"rendered":"

Income Tax Rates<\/span><\/h1>\n

 <\/p>\n\n\n\n\n\n\n
2017-18<\/span><\/strong><\/td>\n\u00a3 a year <\/span><\/strong><\/td>\n2016-17<\/span><\/strong><\/td>\n\u00a3 a year <\/span><\/strong><\/td>\n<\/tr>\n
Basic Rate (20 percent)<\/span><\/td>\n 0 – 33,500<\/span><\/td>\n Basic rate (20 per cent) <\/span><\/td>\n 0 – 32,000<\/span><\/td>\n<\/tr>\n
Higher Rate (40 percent)<\/span><\/td>\n 33,501- 150,000<\/span><\/td>\n Higher Rate (40 percent)<\/span><\/td>\n 32,001 – 150,000<\/span><\/td>\n<\/tr>\n
Additional Rate (45 percent)<\/span><\/td>\n over 150,000<\/span><\/td>\n Additional Rate (45 percent)<\/span><\/td>\n over 150,000<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The 10% starting rate limit for savings is \u00a35,000 for 2017-18. If an individual’s taxable non-savings income exceeds the starting rate limit, then the 10% starting rate for savings will not be available for savings income.<\/p>\n

Dividend allowance on first \u00a35,000 of dividend income is Nil. The rates available, for dividends above the Dividend Allowance, for the 2017-18 tax year are the 7.5% dividend\u00a0basic rate, 32.5% dividend\u00a0higher rate and the 38.1%\u00a0\u00a0dividend additional rate.<\/p>\n

Income Tax Allowances<\/h2>\n\n\n\n\n\n\n
Personal Allowance <\/strong><\/span><\/td>\n\n

2017-18<\/strong><\/span><\/p>\n

\u00a3 per year<\/strong><\/span><\/p>\n<\/td>\n

\n

2016-17<\/strong><\/span><\/p>\n

\u00a3 per year<\/strong><\/span><\/p>\n<\/td>\n

Change<\/strong><\/span><\/td>\n<\/tr>\n
\n

For people born between 6 April 1938 and 5 April 1948<\/span><\/p>\n

Transferable Allowance<\/span><\/p>\n<\/td>\n

11,500<\/span><\/p>\n

1,150<\/span><\/td>\n

11,000<\/span><\/p>\n

1,100<\/span><\/td>\n

500<\/span><\/p>\n

50<\/span><\/td>\n<\/tr>\n

For people born before 6 April 1938<\/span><\/td>\n11,500<\/span><\/td>\n11,000<\/span><\/td>\n100<\/span><\/td>\n<\/tr>\n
\n

\u00a0Income Limit\u00a0 <\/span>(Reduce age allowance by \u00a31 for every \u00a32 of ‘adjusted net income’ over \u00a327,700)<\/span><\/p>\n<\/td>\n

10,660\u00a0<\/span><\/td>\n10,660\u00a0<\/span><\/td>\n0\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00a0Transferable Allowance<\/strong><\/p>\n

10 % of the personal allowance may be transferable between certain spouses where neither pays tax above the basic rate. This\u00a0Transferable Allowance is not available to couples who are entitled to the Married Couples Allowance<\/p>\n

 <\/p>\n

Married Couple’s Allowance<\/strong><\/p>\n

Available to people born before April 6 1935. Tax relief for this allowance is restricted to 10%<\/p>\n\n\n\n\n\n\n\n\n
\u00a0<\/span><\/td>\n\n

\u00a02017-18<\/span><\/strong><\/p>\n

\u00a3 per year<\/span><\/strong><\/p>\n<\/td>\n

\n

2016-17<\/span><\/strong><\/p>\n

\u00a3 per year\u00a0<\/span><\/strong><\/p>\n<\/td>\n

Change\u00a0<\/span><\/strong><\/td>\n<\/tr>\n
maximum amount<\/span><\/td>\n8,355<\/span><\/td>\n8,355<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
minimum amount<\/span><\/td>\n3,220<\/span><\/td>\n3,220<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
Income limit for under 65 <\/span>personal allowance<\/span><\/td>\n100,000<\/span><\/td>\n100,000<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
Income limit for age <\/span>related allowances<\/span><\/td>\n27,700<\/span><\/td>\n27,700<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
Blind Person’s allowance<\/span><\/td>\n2,290<\/span><\/td>\n2,290<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Income Tax Rates   2017-18 \u00a3 a year 2016-17 \u00a3 a year Basic Rate (20 percent) 0 – 33,500 Basic rate (20 per cent) 0 – 32,000 Higher Rate (40 percent) 33,501- 150,000 Higher Rate (40 percent) 32,001 – 150,000 Additional Rate (45 percent) over 150,000 Additional Rate (45 percent) over 150,000 The 10% starting … <\/p>\n

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