May2016Background
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Income Tax

2016/17

2017/18

Personal Allowance (up to 100,000)

11,000

11,500

Born before 6 April 1938

11,000

11,500

Basic Rate

20% 0-32,000

20% 0-33,500

Higher Rate

40% 33,001-150,000

40% 32,001-150,000

Tax & National Insurance Rates

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Winners 'Best Small Company 2013'

National Insurance (Self Employed)

2016/17

2017/18

Class 2

2.80 pw

2.85 pw

Small Earnings Exemption

5,965

6,025

Class 4

9% on earnings

8,060 - 43,000

2% thereafter

9% on earnings

8,164 - 45,000

2% thereafter

National Insurance (Employment)

2016/17

2017/18

LEL

112 pw

113 pw

UEL

827 pw

866 pw

PT

155 pw

157 pw

ST

156 pw

157 pw

Dividends

2016/17

2017/18

Basic Rate

7.5%

7.5%

Higher Rate

32.5%

32.5%

Additional Rate

38.1%

38.1%