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.

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 for 2015/16 are:

  • Personal allowance increase to £10,600
  • Introduction of a new £5,000 0% band for savings
  • Transferable couples/civil partners allowance of £1,060
  • ISA subscription limit increases to £15,240
  • There is now only one 20% main rate of corporation tax
  • Car benefit multiplier increases to £22,100
  • Basic state pension increases by £2.85 to £115.95 per week

Main change in 2015/16 as announced in Summer Budget 2015:

  •  From 1 November 2015, insurance premium tax is to increae from 6% to 9.5%