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    Income Tax

    Bands 2019-20 2018-19
    Savings starting rate – 0%* £0 – £5,000 £0 – £5,000
    Basic rate 20% £0 – £37,500 £0 – £34,500
    Higher rate 40% £37,501 – £150,000 £34,501 – £150,000
    Additional rate 45% Over £150,000 Over £150,000
    Dividend allowance £2,000  £2,000
    Dividend ordinary rate 7.5% 7.5%
    Dividend upper rate 32.5% 32.5%
    Dividend additional rate 38.1% 38.1%

     

    * 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    * The personal allowance is gradually withdrawn by £1 for every £2 of income over £100,000.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.

     

     

    Personal savings allowance
    – basic rate taxpayers £1,000 £1,000
    – higher rate taxpayers £500 £500
    Reliefs 2019-20 2018-19
    Personal allowance  £12,500  £11,850
    Registered blind person’s allowance £2,450 £2,390
    Income limit for personal allowance* £100,000 £100,000

     

     

     

    Married couple allowance – tax relief given at 10%
    – Born before 6 April 1935 £8,915 £8,695
    – Minimum amount* £3,450 £3,360
    – Income limit £29,600 £28,900
    – Marriage allowance* £1,250 £1,190

     

    * 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.

     

    High Income Child Benefit Charge* on income over £50,000 £50,000

     

    * 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.
    Taxpayers can choose whether to continue receiving child benefit and pay the tax charge or may opt out of receiving the child benefit.

    There is a cap on certain Income Tax reliefs of the greater of £50,000 or 25% of income.

     

     

    Corporation Tax rates                                                                       

    FY 2019

    Rate

    FY 2018

    Rate

    Main rate 19% 19%

    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.

    Notifying HMRC

    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.

     

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