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  Income Tax: 2017-18 2016-17
  Starting rate band (savings income only)  5,000 5,000
  Starting tax rate (savings income only)  0% 0%
  Basic rate band  up to  33,500 up to  32,000
  Basic  tax rate 20% 20%
  Basic dividend tax rate  7.5% 7.5%
  Higher rate band

over 33,500

over 32,000

  Higher tax rate 40% 40%
  Higher dividend tax rate 32.5% 32.5%
  Additional rate band

over 150,000

over 150,000

  Additional tax rate 45% 45%
  Additional dividend tax rate 38.1% 38.1%
   
  Allowances:
  Personal allowance      11,500 11,000
  Marriage allowance      1,150 1,100
  Dividend allowance 5,000 5,000
  Savings allowance (basic rate taxpayers) 1,000 1,000
  Savings Allowance (higher rate taxpayers) 500 500
       
  Capital Gains Tax: 2017-18 2016-17
  taxed as top slice of savings income (10%, 20% or 40%)    
  Annual Exemption - individual 11,100 11,100
  Annual Exemption - settlement 5,550 5,550
       
  Inheritance Tax: 2017-18 2016-17
  Nil rate band 325,000 325,000
  Rate of tax on balance - chargeable lifetime transfers 20% 20%
  Rate of tax on balance - on or within 7 years of death 40% 40%
  All lifetime transfers not covered by exemptions and made within 7 years of death are added back to the estate for the purpose of calculating tax payable This is then reduced as follows:

Years before death:           0-3            3-4          4-5           5-6         6-7

Tax reduced by:                0%            20%         40%          60%       80%       (only if cumulative transfers exceed nil rate band)

       
  Stamp Duty: (paid on each slice at relevant rate)

Normal rate

Additional property

  Residential property - up to 125,000 * nil 3%
  Residential property - from 125,000 - 250,000 2% 5%
  Residential property - from 250,000 - 925,000

5%

8%

  Residential property - from 925,000 - 1.5M 10% 13%
  Residential property - above 1.5M

12%

15%

*

Additional property up to 40,000 - no stamp duty    
  Transfers of shares or securities 0.5%  
       
  National Insurance: 2017-18 Employer * Employee
  Class 1   - weekly lower earnings limit   113
  Class 1   - weekly earnings 157.01 - 866.00 13.8% 12%
  Class 1   - weekly earnings over 866.00 13.8% 2%
  Class 1   - Employee over state retirement age 13.8% nil
  Class 1a - on relevant benefits 13.8% nil

*

Employment allowance reduces employers' national insurance by 3,000 per annum  

*

There is no employer's NIC due for employees under 21 and apprentices under 25.
   
  Class 2   - Self Employed                     2.85 per week (now collected via self assessment)
                          exception available if earnings less than 6,025 per annum
  Class 3   - Voluntary                            14.25 per week
  Class 4   - Self Employed on profits
                   8,164 - 45,000                  9%           
                   excess over 45,000           2%
                         exception available if over state retirement age
   
  Corporation Tax on profits

2017-2018

2016-2017

  Main rate 19% 20%

 

BullockWoodburn Limited  
Registered in England & Wales No: 6479910

Registered Office:  Norfolk House, Hardwick Square North, Buxton, Derbyshire, SK17 6PU

Tel: 01298 22108/9          Fax: 01298 72484          E-Mail: admin@bullockwoodburn.co.uk