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Alistair Cunningham
| Income Tax Allowances | |||
| Personal allowance | £11,000 | ||
| Dividend allowance | £5,000 | ||
| Savings rate band | £5,000 | ||
| Personal savings allowance | £1,000
(£500 for higher rate tax payers, £0 for additional) |
||
| Income tax bands and rates | |||
| Effective rate | Dividend rate | ||
| Basic rate band | £11,000 – £43,000 | 20% | 7.5% |
| Higher rate band I | £43,000 – £150,000 | 40% | 32.5% |
| Loss of personal allowance | £100,000 – £122,000 | 60% | 52.5% |
| Higher rate band II | £122,000 – £150,000 | 40% | 32.5% |
| Additional rate band | £150,000 + | 45% | 38.1% |
| Capital Gains Tax | |||
| Annual exemption | £11,100 | ||
| Inheritance Tax | |||
| Nil rate band | £325,000 | ||
| Pension Allowances | |||
| Earnings under £110,000 | £40,000 | ||
| Pension Allowances may be reduced for people earning over £110,000, those who have flexibly accessed their pensions; and Carry Forward may apply for many people. | |||
| ISA Allowances | |||
| ISA | £15,240 | ||
| Junior ISA | £4,080 | ||
| Lifetime ISA (from 6th April 2017) | £4,000 | ||
Contact the Author
Alistair, a founding director of Wingate Financial Planning, specialises in complex client cases, particularly owner-managed businesses, pensions, and retirement planning. He is a member of the Wingate Investment Committee and a Chartered Financial Planner, Fellow of the Personal Finance Society, and member of STEP and the Chartered Institute of Taxation.
