Tax rates and allowances

With changes in the tax system now an ever-present feature, our up-to-date experience is available to ensure clients'' tax liabilities are planned to be at a minimum.

The main changes announced for 2019/20 are:

  • personal allowance increases to £12,500
  • starting rate band is £37,500
  • higher rate threshold increases to £50,000
  • car fuel benefit multiplier increases to £24,100
  • van benefit is £3,430
  • van fuel benefit is £655
  • capital gains tax annual allowance increases to £12,000
  • residence nil-rate band is £150,000
  • national living wage increases from £7.83 per hour to £8.21
  • junior ISA allowance and child trust fund limits increase to £4,368
  • lifetime pension allowance increases from £1.03 million to £1.55 million
  • VAT registration threshold remains at £85,000 until April 2022
  • annual investment allowance is temporarily increased to £1 million for two years from 1 January 2019.

As a consequence of devolution, several rates may differ between the 4 countries that make up the UK and Northern Ireland. Where applicable these rates are shown in each section of these tax rates and allowances.

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