Following the Budget, the tax rates for the year ended 5 April 2021 tax year will be as follows:
Income Tax Rates
|
Individuals UK |
|
|
|
|
|
Rate of tax |
|
Basic rate |
£12,500- £50,000 |
20% |
|
Higher rate |
£50,001 - £150,000 |
40% |
|
Additional rate |
Over £150,000 |
45% |
|
|
|
|
|
Individuals – Scottish Income Tax |
|
|
|
|
|
|
|
Starter rate |
£12,500 – £14,585 |
19% |
|
Basic rate |
£14,585 - £25,158 |
20% |
|
Intermediate rate |
£25,158 - £43,430 |
21% |
|
Higher rate |
£43,430 - £150,000 |
41% |
|
Additional rate |
Over £150,000 |
46% |
Income Tax Allowances
|
Personal Allowance |
£12,500 |
|
Married/civil partners allowance |
£9,075 |
|
Minimum Married/civil partners allowance |
£3,510* |
|
Married/civil partners transferable allowance |
£1,250 |
|
Income limit for married/civil partners allowance |
£30,200 |
|
Blind persons allowance |
£2,500 |
|
Rent a room relief |
£7,500 |
|
Savings allowance |
£1,000 |
|
Trading allowance |
£1,000 |
|
Property income allowance |
£1,000 |
* Reduced by £1 for every £2 income over £100,000 after applying personal allowance reduction
