Tax Flashcards
1
Q
Personal Allowance
Limit of Income before taper
A
£12,570
£100,000
2
Q
Basic Rate
Higher Rate
Additional Rate
A
£0 - £37,700
£37,701 - £125,140
£125,140 and over
3
Q
Div Allowance
A
£500
4
Q
Dividend Tax Rates
A
8.75%
33.75%
39.35%
5
Q
Trusts Allowance
A
£500
if exceeds the FULL amount is subject to 45% tax /39.35%
6
Q
Marriage Allowance
A
£1,260
7
Q
NICS
A
Employee 8%
Employer 13.8%
242 - 967 pw
8
Q
MPAA
A
£10k
9
Q
Annual Allowance
A
£60k
10
Q
30th October 24 CGT rates
A
18%
24%
11
Q
Lifetime Limit for Business Asset Disposal Relief
A
£1mil
12
Q
IHT
A
40%
36% Charity
13
Q
NRBs and RNRBs
A
£325k and £175k
14
Q
AIM and Business Relief
A
IHT relief restricted to 50% for qualifying companies listed on the AIM from 2026.
100% relief on the first £1m of agricultural and business assets. 50% relief above this.
15
Q
IHT Annual Exempt Amount
A
£3,000
