Tax Card 2020

Quickly find the latest allowances, rates and limits for all your favourite taxes in one place! To download opur printable version please visit here.

TAXABLE INCOME BANDS & RATES

Item

2019/20

Starting rate* of 0% on savings up to

£5,000

Basic Rate Band

£37,500

Higher Rate Band

£37,500

Additional Rate Band

£37,500

Basic Rate

20%

Higher Rate

20%

Dividend Ordinary Rate

20%

Dividend Upper Rate

20%

Dividend Additional Rate

20%

*The starting rate does not apply if taxable income exceeds the starting rate limit.

INCOME TAX IN SCOTLAND

Item

2019/20

Starting rate* of 0% on savings up to

£5,000

Basic Rate Band

£37,500

Higher Rate Band

£37,500

Additional Rate Band

£37,500

Basic Rate

20%

Higher Rate

20%

Dividend Ordinary Rate

20%

Dividend Upper Rate

20%

Dividend Additional Rate

20%

*The starting rate does not apply if taxable income exceeds the starting rate limit.

ALLOWANCES THAT REDUCE TAXABLE INCOME OR ARE NOT TAXABLE

Item

2019/20

Personal Allowance*

£5,000

Personal Savings Allowance
- Basic Rate Taxpayer
- Higher Rate Taxpayer
- Additional Rate Taxpayer

£37,500
£37,500
£37,500

Dividend Allowance at 0% – all individuals

£37,500

Marriage/civil partner transferable allowance**

£37,500

Trading allowance and property allowance each***

20%

Rent-a-room allowance

20%

Blind person’s allowance

20%

* The personal allowance is reduced by £1 for each £2 of income from £100,000 to £125,000 (2018/19, £123,700)

** Any unused personal allowance maybe transferred to a spouse or civil partner, where therecipient is not liable to higher or additional rate tax.

*** Note that landlords and traders with gross income from each of these sources in excess of£1,000 can deduct the allowance from their gross income as an alternative to claimingexpenses.

ALLOWANCES THAT REDUCE TAXABLE INCOME OR ARE NOT TAXABLE

Item

2019/20

Personal Allowance*

£5,000

Personal Savings Allowance
- Basic Rate Taxpayer
- Higher Rate Taxpayer
- Additional Rate Taxpayer

£37,500
£37,500
£37,500

Dividend Allowance at 0% – all individuals

£37,500

Marriage/civil partner transferable allowance**

£37,500

Trading allowance and property allowance each***

20%

Rent-a-room allowance

20%

Blind person’s allowance

20%

* The personal allowance is reduced by £1 for each £2 of income from £100,000 to £125,000 (2018/19, £123,700)

** Any unused personal allowance maybe transferred to a spouse or civil partner, where therecipient is not liable to higher or additional rate tax.

*** Note that landlords and traders with gross income from each of these sources in excess of£1,000 can deduct the allowance from their gross income as an alternative to claimingexpenses.

Published January 1st 2020

Tax Calendar