Tax Flashcards
Personal Allowance
Limit of Income before taper
£12,570
£100,000
max taper to 0 at 125,140
Basic Rate
Higher Rate
Additional Rate
£0 - £37,700
£37,701 - £125,140
£125,140 and over
Div Allowance
£500
Dividend Tax Rates
8.75%
33.75%
39.35%
75 75 35
Trusts Allowance
£500
if exceeds the FULL amount is subject to 45% tax /39.35%
Marriage Allowance
£1,260
NICS
Employee 8%
Employer 13.8% to 15% from April 25
242 - 967 pw
MPAA
£10k
Annual Allowance
£60k
30th October 24 CGT rates
(second properties the same)
18%
24%
Lifetime Limit for Business Asset Disposal Relief
£1mil
IHT
40%
36% Charity
NRBs and RNRBs
When does RNRB start to taper
£325k and £175k
at 2mil by £1 for every £2. i.e. if estate is £2.1mil, the individuals RNRB would reduce by £50k
AIM and Business Relief
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.
IHT Annual Exempt Amount
£3,000
Small Gift Allowance
Wedding gift
£250
£5,000 parent, £2,500 grandparent, other person £1,000
Taper Relief
0-3 years 100%
3-4yrs 80%
4-5yrs 60%
5-6yrs 40%
6-7yrs 20%
PSA
£1,000 BRT
£500 HRT
£0 ART
Corp Tax Rates
19% companies with profits under £50k
25% profits over £250
Reducing BRP relief
From 6th April 2026, the 100% relief rate will continue for the first 1mil of combined agri and BR relief falling, to 50% (20%) thereafter.
Qualifying AIM shares in all circumstances will benefit from IHT relief at the reduced rate of 20%
The £1mil rules will also apply to Trusts
