^* Only applicable to savings income. This rate is not available if taxable non-savings income exceeds £5,000 (£2,880).

^** Except dividends (10%).

^*** Except dividends (32.5%).

^**** Except dividends (37.5%).

Other income taxed first, then savings income and finally dividends.

2015/16

• Tax relief available for personal contributions: higher of £3,600 (gross) or 100% of relevant earnings.
• Any contributions in excess of £40,000, whether personal or by the employer, may be subject to income tax on the individual.
• The limit may be reduced to £10,000 once money purchase pensions are accessed.
• Where the £40,000 limit is not fully used it may be possible to carry the unused amount forward for three years.
• Employers will obtain tax relief on employer contributions if they are paid and made ‘wholly and exclusively’. Tax relief for large contributions may be spread over several years.

* Rounding down to the nearest 5gm/km does not apply.

Company cars

• For diesel cars add a 3% supplement but maximum still 37%.
• For cars registered before 1 January 1998 the charge is based on engine size.
• The list price includes accessories and is not subject to an upper limit.
• The list price is reduced for capital contributions made by the employee up to £5,000.
• Special rules may apply to cars provided for disabled employees.

Car fuel benefit 2015/16

£22,100 x ‘appropriate percentage’*

*Percentage used to calculate the taxable benefit of the car for which the fuel is provided.

• The charge does not apply to certain environmentally friendly cars.
• The charge is proportionately reduced if provision of private fuel ceases part way through the year. The fuel benefit is reduced to nil only if the employee pays for all private fuel.

Van benefit per vehicle 2015/16

• Van benefit £3,150
• Fuel benefit £594

The charges do not apply to vans if a ‘restricted private use condition’ is met throughout the year.

A reduced charge may be due if the van cannot in any circumstances emit CO₂ by being driven.

These rates represent the maximum tax free mileage allowances for employees using their own vehicles for business. Any excess is taxable. If the employee receives less than the statutory rate, tax relief can be claimed on the difference.

* Special rules apply if investments were made before 1.7.14. Investments for 2014/15 cannot exceed £15,000 in total.

* The profits limits are reduced for accounting periods of less than 12 months and for a company with associated companies.

Different rates apply for ring-fenced (broadly oil industry) profit.

Plant and machinery – Annual Investment Allowance (AIA)

The AIA gives a 100% write-off on most types of plant and machinery costs, including integral features and long life assets but not cars, of up to £500,000 p.a. for expenditure incurred on or after 6 April 2014 (1 April 2014 for companies). The rate may be reduced to £25,000 for expenditure incurred on or after 1 January 2016. Special rules apply to accounting periods straddling these dates.

Any costs over the AIA fall into the normal capital allowance pools below. The AIA may need to be shared between certain businesses under common ownership.

Other plant and machinery allowances

The annual rate of allowance is 18%. An 8% rate applies to expenditure incurred on integral features and on long life assets.

A 100% first year allowance may be available on certain energy efficient plant and cars, including expenditure incurred on new and unused zero emission goods vehicles.

Cars

For expenditure incurred on cars, costs are generally allocated to one of the two plant and machinery pools. Cars with CO₂ emissions not exceeding 130gm/km receive an 18% allowance p.a. Cars with CO₂ emissions over 130gm/km receive an 8% allowance p.a.

*For higher and additional rate taxpayers

Entrepreneurs’ Relief

The first £10m of qualifying gains are charged at 10%. Gains in excess of the limit are charged at the rates detailed above.

*Potentially increased for surviving spouses or civil partners who die on or after 9 October 2007.

Land and buildings in Scotland

The rates apply to the portion of the total value which falls within each band in respect of transaction with an effective date on or after 1 April 2015.

Residential property

Non- residential property

2015/16 and 2014/15

Enterprise Investment Scheme (EIS)

Relief on investments in certain unquoted trading companies up to £1m p.a.:

• Income tax relief at 30%
• Capital gains exemption at disposal

Unlimited amounts of capital gains from the disposal of other assets may be able to be deferred by making an EIS investment.

Seed Enterprise Investment Scheme (SEIS)

Relief on investments in certain unquoted trading companies up to £100,000 p.a.:

• Income tax relief at 50%
• Capital gains exemption on disposal

Capital gains from the disposal of other assets may be exempt up to £50,000 p.a. by making an SEIS investment.

Venture Capital Trusts (VCTs)

Relief on investments in certain quoted companies up to £200,000 p.a.:

• Income tax relief at 30%
• Capital gains exemption at disposal

Dividends received from VCTs may be exempt from income tax.

Social Investment Relief (SIR)

Relief on investments in certain social enterprises (including charities) up to £1m p.a.

• Income tax relief at 30%
• Capital gains exemption at disposal

Capital gains from the disposal of other assets may be able to be deferred by making an SIR investment up to £1m p.a.

Note: All reliefs are subject to detailed conditions being met.

Land and buildings in England, Wales and N. Ireland

Residential property

Payable on consideration which falls in each bracket:

Non- residential property

Payable on total consideration once limit is breached:

SDLT is charged at 15% on interests in residential dwellings costing more than £500,000 purchased by certain non-natural persons for acquisitions with an effective date on or after 20 March 2014.

Shares and securities

Rate – 0.5%