YOUR TAX SHOP 2018/19 TAX FACTS
|Junior ISA / Child Trust Fund 2017/18||£4,128|
Did You Know… Since April 2015, the spouse/civil partner of a deceased ISA saver has an additional ISA allowance equal to the value of the deceased’s ISAs at the date of death.
Income Tax Rates
|Basic rate: 20%||£0 – £33,500|
|Higher rate: 40%||£33,501 – £150,000|
|Additional rate: 45%||Over £150,000|
Main Income Tax Reliefs
|Personal allowance income limit||£100,000|
|Personal savings allowance||£1,000|
Did You Know… You can pass 10% of your personal allowance to a spouse if neither of you earn over the basic rate threshold (up to £33,500).
|Year to the 31st March 2017||Year to the 31st March 2018|
Did You Know… You can hugely reduce your Corporation Tax bill by making company pension contributions where appropriate (advice can be provided by an Independent Financial Adviser – why not discuss this with our in-house financial advisor Gary today?!)
Land & Buildings Transaction Tax (Stamp Duty)
|The price of the purchase price falling within:|
|£0 – £125,000||0%|
|£125,001 – £250,000||2%|
|£250,001 – £925,000||5%|
|£925,001 – £1,500,000||10%|
Did You Know… From April 2016, a 3% surcharge applies to additional residential properties worth £40,000 or more. This makes buying new Buy-to-Let properties less attractive.
|Standard nil-rate band||£325,000|
|Residence nil-rate band (available only on death, subject to conditions)||£100,000|
|Tax on excess value of chargeable transfer on death and lifetime transfers made within 7 years of death||40%|
|Tax on excess value for chargeable transfers on death where 10% or more of net estate left to charity||36%|
|Tax on excess value for other chargeable lifetime transfers||20%|
Did You Know… The new Residence nil-rate band became active in April 2017 and now means that a couple could have a joint nil rate band effective of up to £850,000, rising to £1m by 2020.
Auto-enrolment Contribution Requirements
|From Staging until October 2017||1%||1%|
|From October 2017||2%||3%|
|From October 2018||3%||5%|
Did You Know… If you employ anybody, even just one person, then you must make them aware of their options for a workplace pension.
If you need any help or advice please do not hesitate to contact one of the team at Your Tax Shop on 0161 339 5689.