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Tax rates and allowances

An up-to-date, easy to view summary of all 2018/19 main tax rates, allowances, exemptions and available deductions. Now updated to highlight changes for the 2019/20 tax year.

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Inheritance tax

Inheritance tax rates, residence nil-rate band and allowances.

VAT rates

VAT rates, schemes and thresholds.

Business deductions

In order to attract a deduction in computing the profits of a trade or business any expenses must be incurred wholly and exclusively for the purpose of the trade. Capital expenditure is not an allowable expense (capital allowances are claimed on these costs), and certain other expenses are barred by statute.

Penalties for late returns

The tax system has many fines and penalties for those that do not file or pay on time. Make sure you do not become liable to any of these fines or penalties.

Green travel allowances

There are a number of schemes intended to encourage employers to make arrangements for their staff to travel to work by more environmentally beneficial means.

Pension premiums

There are limits that may be contributed to a registered pension scheme without incurring a tax charge. The maximum amount on which an individual can claim tax relief in any tax year is the greater of the individual's UK relevant earnings or £3,600.

EIS, SEIS, VCT and SITR

Enterprise investment schemes, seed enterprise investment schemes, venture capital trusts and social investment relief.

ISAs

Details of investment maximums for ISAs.

Stamp and property taxes

Stamp duty land tax on residential property is charged at different rates depending on the portion of the purchase price that falls within a certain rate band.

Tax credits

Tax credits rates for this year and the last tax year.

State pension

State pension rates, pension credit and winter fuel allowances.