It’s almost the start of a new tax year, which means a new set of allowances and thresholds for British taxpayers.
From pensions allowances and Capital Gains Tax to income tax and Individual Savings Account (ISA) allowances, we’ve rounded up all the changes in these handy tables for quick reference.
April 5 2014
April 6 2014
|Annual allowance||£11,520||£11,880||+ £360|
|Cash element||£5,760||£5,940||+ £180|
|Junior ISA allowance||£3,720||£3,840||+£120|
|Child Trust Fund |
From July 1, 2014 you will be able to hold £15,000 in a New ISA (NISA) and there will be no distinction between cash and stocks and shares ISAs. The junior ISA (JISA) threshold will rise to £4,000 from July 1, 2014 but you'll still have to wait until April 6, 2015 if you want to transfer a Child Trust Fund (CTF) into a JISA.
Capital gains tax allowance
Changes were made to the rate at which Capital Gains Tax (CGT) is paid in the coalition government's Emergency Budget in 2010. The rates of CGT remain at 18% for non and basic rate taxpayers, while higher and additional rate taxpayers, as well as most trusts, will pay at a rate of 28%.
The CGT allowance will increase by £100 to £11,00 for the 2014-15 tax year, and by another £100, to £11,100 for the 2015-16 tax year.
Pension Scheme - Personal Allowance
As of April 6, 2012 the lifetime allowance for pension savings was reduced by £300,000 from £1.8million to £1.5million. From April 6, 2014 this will be cut again to £1.25million.
For any pension scheme members who have already built up savings in excess of £1.25 million, or have planned to do so as they were unaware that the lifetime allowance would not reduce from the current level, there will be a new form of protection called 'fixed protection'.
Income Tax - Personal Allowances
|Those born after April 5, 1948*||£9,440||£10,000||+£560|
|Those born between April 6, 1938 and |
April 5, 1948*
|Those born before April 6, 1938||£10,660||£10,660||£0|
|Married couple's allowance* ^ (for people born before April 6, 1935) maximum allowance||£7,915||£8,165||+£250|
|Married couple's allowance^ (minimum amount)||£3,040||£3,140||+£100|
|Income limit for age-related allowances||£26,100||£27,000||+£900|
|Blind person’s allowance||£2,160||£2,230||+£70|
These allowances may be lower depending on your income. As of 2013-14, an individual’s personal allowance will based upon date of birth and income in the tax year. For more information on how age-related allowances work, click here.
From April 6, 2015, the personal allowance for those born after April 5, 1948 will rise to £10,500.
Married couple's allowance is given at the rate of 10%. It applies to couples where at least one spouse was born before April 6 1935.
Income: Taxable bands
|Basic Rate 20%||£0 - £32,010||£0 - £31,865|
|Higher Rate 40%||£32,011 - £150,000||£31,866 - £150,000|
|Additional Rate 45%||Over £150,000||Over £150,000|
Rates are on taxable earnings
|Total value of consideration|
|Zero||£0 - £125,000||£0 - £150,000 (annual rent is less than £1,000)|
|1%||£125,001 - £250,000||0% - £150,000 (when annual rent is more than £1,000) |
Over £150,000 - £250,00
|3%||£250,001 - £500,000||Over £250,001 - £500,000|
|4%||£500,001 to £1million||Over £500,000|
|5%||Over £1million to £2million||N/A|
|15%||Over £500,000 bought by |
Disadvantaged Areas relief was abolished for transactions with an effective date on or after April 6, 2013. For more details, click here.
HM Revenue and Customs (HMRC) has SDLT calculators you can use to work out how much to pay.
Check out our article Budget 2014 at a glance for a breakdown of the Budget.
Please note: Any rates or deals mentioned in this article were available at the time of writing. Click on a highlighted product and apply direct.