Income Tax Rates
Income Tax Rates:
|0 - 5,000||20*||0 - 5,000||20*|
|5,001 - 33,500||20 **||5,001 - 32,000||20 **|
|33,500 - 150,000||40 ***||32,001 -150,000||40 ***|
|over £150,000||45 ****||over £150,000||45 ****|
* Except dividends 7.5%
** Except dividends 7.5%
*** Except dividends 32.5%
**** Except dividends 38.1%
Income other than savings or dividend income taxed first, then savings income and finally dividends.
From 6th April 2016, the dividend tax credit is abolished and the first £5,000 of dividends per tax year are effectively tax free but still use up basic rate/higher rate bands.
From 6th April 2016, the Personal Savings Allowance will not pay tax on the first £1,000 of interest received for higher rate taxpayers or £500 for higher rate taxpayers. Additional rate taxpayers will not receive the Personal Savings Allowance
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