The Budget - tax rates for year ended 5 April 2021

First published on 14 March 2020 by Alastair
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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

 

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