* Savings income is taxed at 0% up to £5,000 (2018-19: 0% up to £5,000). If an individuals taxable non-savings income exceeds £5,000 then the savings rate will not be available.
* The personal allowance is gradually withdrawn by £1 for every £2 of income over £100,000. MOJE LI PARVO TOVA RELIEFS tablicata POSLE po gore opisanato Savings i slednata tablica.
* A tax payer can transfer up to £1,250 of their unused personal allowance to a spouse or civil partner who is not a higher rate tax payer.
* The tax charge is levied at the rate of 1% of the full child benefit award for each £100 that income exceeds £50,000, up to a maximum of 100% of the child benefit claimed.
There is a cap on certain Income Tax reliefs of the greater of £50,000 or 25% of income.
Corporation Tax rates
From 1 April 2020 the CT rate will be reduced to 17%.
An 8% Bank Corporation Tax supplementary charge came in to effect on 1 January 2016.
A company must notify HMRC if it is liable to pay Corporation Tax. This must be done within 12 months from the end of the relevant accounting period.