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 2018/19 are:

  • personal allowance increases to £11,850
  • car fuel benefit multiplier increases to £23,400
  • capital gains tax annual allowance increases to £11,700
  • national living wage increases from £7.50 per hour to £7.83
  • junior ISA allowance increases to £4,260
  • lifetime pension allowance increases from £1 million to £1.03 million
  • no stamp duty land tax for first-time buyers up to £300,000. A 5% rate applies for purchases between £300,000 and £500,000
  • diesel supplement increases to 4%
  • dividend allowance is reduced from £5,000 to £2,000
  • higher limits for EIS investment relief for knowledge intensive companies increases from £1 million to £2 million
  • no property tax in Scotland (LBTT) on residential properties costing up to £145,000
  • no property tax in Wales (LTT) on residential properties costing up to £180,000.

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.