|Basic rate band income up to||£32,000||£31,785|
|Starting rate for savings income||*0%||*0%|
|Dividend ordinary rate||**7.5%||0%|
|Higher rate income over||£32,000||£31,785|
|Dividend upper rate||**32.5%||25%|
|Additional rate income over||£150,000||£150,000|
|Dividend additional rate||**38.1%||30.6%|
|Starting rate limit (savings income)||*£5,000||*£5,000|
|Born after 5 April 1938||£11,000||£10,600|
|Born before 6 April 1938||#£11,000||#£10,660|
|Married Couple's Allowance|
|Either partner born before 6 April 1935 (relief restricted to 10%)||#£8,355||#£8,355|
|Transferable Tax Allowance for certain married couples|
For 2016/17 Scottish taxpayers are effectively subject to the same income tax rates as the rest of the UK.
* If an individual's taxable non-savings income exceeds the starting rate limit, then the starting rate limit for savings will not be available for savings income. For 2016/17, £1,000 of savings income for basic rate taxpayers (£500 higher rate) maybe tax-free. **For 2016-17 first £5,000 of dividends tax-free.
#Age related allowances are reduced by £1 for every £2 that adjusted net income exceeds £27,700 to a minimum personal allowance of £11,000 (2015-16: £10,600) and to a minimum married couple's allowance of £3,220. Where adjusted net income exceeds £100,000 the basic personal allowance is reduced in the same way until it is nil regardless of the individual's date of birth.
Monday - Friday
9.30 am to 5.00 pm
Clive Shedd & Co
232 Sladepool Farm Road
Birmingham B14 5EE
If you wish to make an appointment please contact us:
Tel: 0121 474 4774
Fax: 0121 474 4766
or use our contact form.