21 Angel Hill,

Tiverton, EX16 6PE
Welcome to Bray Accountants. Professional advice with over 30 years of experience.
28th October 2020

21 Angel Hill,

Tiverton, EX16 6PE

Current Statutory Tax Data Information

Tax Rates & Allowances

The data provided here is for the UK except Scotland. Please be aware that this information will change regularly according to government policy. It is advisable to check this data periodically for updates. For other rates and allowances please check the HMRC website

Tax Free Allowances18/1919/2020/21
£££
Personal*11,85012,50012,500
Transferable marriage allowance1,1851,2501,250
Dividend Allowance2,0002,0002,000
Personal Savings Allowance **1,0001,0001,000
* The Personal Allowance reduces where the income is above £100,000 by £1 for every £2 of income above the limit until the Personal Allowance is reduced to nil.
** Reduced to £500 for higher rate taxpayers.


Age related allowances available at 10%18/1919/2020/21
£££
Married couple's allowance (MCA)
Age 75 and over - maximum rate *8,6958,9159,075
Age 75 and over - minimum rate3,3603,4503,510
Income limit28,90029,60030,200
* Allowance reduced by £1 for every £2 of income in excess of income limit

Rate on taxable income18/19 19/20 20/21 
BandRateBandRateBandRate
£%£%£%
*Savings rate (SR) on first5,00005,00005,0000
Basic rate (BR) up to34,5002037,5002037,50020
Higher rate (HR) above34,5004037,5004037,50040
Additional rate (AR) on over150,00045150,00045150,00045
Dividend Rate - 7.5% up to HR, 32.5% from HR up to AR, 38.1% above AR
* There is a 0% starting rate for savings income only. If your non-savings income is above this limit then the rate for savings will not apply
Annual Exemption (AE)18/1919/2020/21
Individuals£11,700£12,000£12,300
Trusts£5,850£6,000£6,150
Standard Rate *10%/18%10%/18%10%/18%
Higher Rate20%/28%20%/28%20%/28%
Entrepreneur Relief Rate10%10%10%
* The higher rates of 18% and 28% apply to gains on residential property and carried interest.
Corporation Tax   
Year Ended 31st March201920202021
Rate19%19%19%
National Insurance Contributions    
Class 1 Employment18/1919/2020/21
Lower earnings limitpw£116
£118£120
pa£6,032£6,136£6,240
Upper earnings limit (UEL)pw£892£962£962
pa£46,350£50,000£50,000
Primary threshold (employee)pw£162£166£183
pa£8,424£8,632£9,500
Secondary threshold (employer)pw£162£166£169
pa£8,424£8,632£8,788
Employees' Class 1 rate between primary threshold and UEL12%12%12%
Employees' Class 1 rate above UEL2%2%2%
Employers' secondary Class 1 rate above secondary threshold 13.8%13.8%13.8%
Class 2 ratepw£2.95£3.00£3.05
Class 2 small earnings exceptionpa£6,205£6,365£6,475
Class 3 ratepw£14.65£15.00£15.30
Class 4 lower profits limitpa£8,424£8,632£9,500
Class 4 upper profits limitpa£46,350£50,000£50,000
Class 4 rate between lower profits limit and upper profits limit9%9%9%
Class 4 rate above upper profits limit2%2%2%
Working Tax Credit - £ per year
Rates and Thresholds2018/192019/202020/21
Basic element£1,960£1,960£3,040
Couple and lone parent element£2,010£2,010£2,045
30 hour element£810£810£825
Disabled worker element£3,090£3,165£3,220
Severe disability element£1,330£1,365£1,390
Child Tax Credit - £ per year (unless stated)
Rates and Thresholds2018/192019/202020/21
Maximum eligible childcare cost for one child£175/wk£175/wk£175/wk
Maximum eligible childcare cost for two or more children£300/wk£300/wk£300/wk
Percentage of eligible childcare costs covered70%70%70%
Family element£545£545£545
Child element£2,780£2,780£2,830
Disabled child element£3,275£3,355£3,415
Severely disabled child element£4,600£4,715£4,800
Income thresholds and withdrawal rates
Rates and Thresholds2018/192019/202020/21
First income threshold£6,420£6,420£6,530
First withdrawal rate (per cent)41%41%41%
First threshold for those entitled to Child Tax Credit only£16,105£16,105£16,385
Income rise disregard£2,500£2,500£2,500
Income fall disregard£2,500£2,500£2,500
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