|
Income Tax Allowances (UK excluding Scottish taxpayers) |
2020/21 | 2021/22 |
|
|
||
| Personal Allowance | £12,500 | £12,570 |
| Personal Savings Allowance for Basic Rate Taxpayers | £1,000 | £1,000 |
| Personal Savings Allowance for Higher Rate Tax Payers | £500 | £500 |
| Personal Savings Allowance for Aditional Rate Taxpayers | Nil | Nil |
| Dividend Allowance (at 0%) | £2,000 | £2,000 |
| Income Limit For Personal Allowances | £100,000 | £100,000 |
| Marrigae Allowance (for spouse/civil partners born on or after 6th April 1935) | Up to £1,250 | Up To £1,260 |
|
Married/Civil Partners (if born before 6 April 1935) (2)(3) |
£9,075 | £9,125 |
| Income limit for the allowances for those born before 6 April 1948 | £30,200 | £30,400 |
| Minimum amount of Married Couples Allowance (3) | £3,510 | £3,530 |
| Blind Person's Allowance | £2,500 | £2,520 |
| Basic Rate Income Tax | 20% | 20% |
| Higher Rate Income Tax | 40% | 40% |
| Additional Rate Income Tax | 45% | 45% |
| Basic Rate Dividend Tax | 7.5% | 7.5% |
| Higher Rate Dividend Tax | 32.5% | 32.5% |
| Additional Rate Dividend Tax | 38.1% | 38.1% |
| Threshold of Taxable Income Above Which Higher Rate Applies | £37,500 | £37,700 |
| Threshold of Taxable Income Above Which Additional Rate Applies | £150,000 | £150,000 |
| Rent-a-Room Tax-Free Income | £7,500 | £7,500 |
| Trust Dividend Tax Rate | 38.1% | 38.1% |
| Trust 'Other' Income Tax Rate | 45% | 45% |
(1) The Personal Allowance reduces where the income is above £100,000 - by £1 for every £2 of income above the £100,000 limit. This reduction applies irrespective of age or date of birth.
(2) Where at least one spouse was born before 6th April 1935
(3) Tax relief for the Married Couple's Allowance is given at the rate of 10 per cent.
The value of investments and pensions and the income they produce can fall as well as rise. You may get back less than you invested
Click here to visit our Auto Enrolment site for information on workplace pensions and corporate benefits
The guidance and/or information contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK
If you have a complaint about your Adviser or any financial advice you have received from your Adviser please contact us.
Quilter Financial Planning Complaints Department
Riverside House
The Waterfront
Newcastle upon Tyne
NE15 8NY
Email: QFPComplaints@quilter.com
Tel: 0191 241 0700
If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service
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