8
Autumn Budget 2018
Income tax and personal savings
The Chancellor announced a bringing forward of the planned increases in the personal allowance and the higher rate threshold for income tax. Income tax rates and bands
2019/20
2018/19
Band £
Rate %
Band £
Rate %
0 - 37,500
20
0 - 34,500
20
37,501 - 150,000
40
34,501 - 150,000
40
Over 150,000
45
Over 150,000
45
Savings income
2019/20
2018/19
£1,000
Savings allowance basic rate
£1,000
£500
Savings allowance higher rate
£500
A starting rate for savings band of £5,000 at 0% may be available unless taxable non-savings income exceeds the starting rate band.
Dividend income
2019/20
2018/19
Dividend allowance
£2,000
£2,000
Dividend ordinary rate
7.5%
7.5%
Dividend upper rate
32.5%
32.5%
Dividend additional rate
38.1%
38.1%
Personal allowances
2019/20
2018/19
£12,500
£11,850
Personal allowance
£100,000
£100,000
Personal allowance income limit
Marriage allowance Transferable between certain spouses where neither pay tax above the basic rate Married couple’s allowance (relief given at 10%) Either partner born before 6 April 1935
£1,250
£1,190
£8,950
£8,695
- minimum amount
£3,450 £29,600
£3,360 £28,900
- income limit
£2,450
£2,390
Blind person’s allowance
FOR ELECTRONIC USE ONLY
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