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 increase to £11,850
  • car 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 to £1,030,000
  • 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.

 

The main changes for 2017/18 are:

  • personal allowance increase to £11,500
  • transferable couples/civil partners allowance of £1,150
  • car benefit multiplier increases by 2%
  • basic state pension increases by £3.00 (2.5%) to £122.30 per week
  • new trading allowance up to £1,000 
  • new property allowance up to £1,000
  • R&D development expenditure credit increases on 1 January 2018 from 11% to 12%.