2019-rates-and-allowances
Written by Ray Coman
State pension
2019-20 |
2018-19 | |||
Weekly | Annual | Weekly | Annual | |
Single Tier Pension | £168.60 | £8,767.00 | £164.35 | £8,546.40 |
Basic State Pension | £129.20 | £6,718.40 | £125.95 | £6,549.40 |
Basic State Pension Married Couple | £206.65 | £10,745.80 | £201.45 | £10,475.40 |
Capital Gains
2019-20 | 2018-19 | Note | |
Annual Exemption: | |||
Individuals | £12,000 | £11,700 | |
Trusts | £6,000 | £5,850 | |
Entrepreneurs' relief: lifetime allowance | £10 million | £10 million | |
Investors Relief: lifetime allowance | £10 million | £10 million | |
Basic and starting rate taxpayers | 10% | 10% | A |
Higher and additional rate tax payers | 20% | 20% | A |
Trusts and personal representatives | 20% | 20% | A |
Rate where entrepreneurs/investors relief applies | 10% | 10% |
A Gains on carried interest and and chargeable residential property - 8% surcharge.
Research and Development Relief:
Relief for qualifying revenue expenditure is as follows:
2019-20 | 2018-19 | Note | |
SME enhanced deduction scheme | 130% | 130% | A |
SME cash credit for R&D loss surrendered | 14.50% | 14.50% | B |
Large company above the line scheme credit | 12% | 12% | C |
A Additional (enhanced) tax deduction available for qualifying R&D expenditure
B From 1 April 2020, the payable R&D tax credit in any tax year is restricted to three times the company's total PAYE and NIC liability for that year.
C Taxable credit available on qualifying R&D expenditure.
EU definition of small and medium sized companies for R&D tax relief purposes
Since 1 August 2008 | Before 1 August 2008 | |
Employees | <500 | <250 |
Turnover | ≤€100 million | ≤€50 million |
Balance sheet assets | ≤€86 million | ≤€43 million |
National Insurance Contributions on Employment
Class 1 | 2019-20 | ||
Employer | Employee | ||
Earnings per week | Rate Payable | Earnings per week | Rate payable |
£0.01 - £166.00 | Nil | £0.01 - £166.00 | Nil |
£166.01-£892.00 | 13.80% | £162.01-£962.00 | 12% |
Over £892.00 | 13.80% | Over £962.00 | 2% |
Class 1A & 1B (employers only) | 13.80% | ||
Class 2 (self employed) | £3.00 per week (small profits threshold £6,365) | ||
Class 3 (voluntary) | £15.00 per week | ||
Class 4 (self employed) | Profits up to £8,632 | 0% | |
Profits from £8,632 to £50,000 | 9% | ||
Profits above £50,000 per annum | 2% |
Pension Rates
|
2019-20 | 2018-19 | Note |
Lifetime Allowance |
£1,055,000 | £1,030,000 | |
Annual Allowance |
£40,000 | £40,000 | A |
A Up to the lower of 100% of earnings or the maximum contribution. Maximum contribution is the annual allowance plus unutilised allowances from the three previous tax years. Up to £3,600 may be contributed, irrespective of earnings. Annual allowance reduced by £1 for every £2 income over £150,000 to a minimum of £10,000, and to £4,000 maximum if certain pension drawings are made.
Car Benefit Charge 2019-20
Co2 Emissions g/km | Petrol Engine % | Diesel Engines % |
50 or less | 16 | 20 |
51-75 | 19 | 23 |
76-94 | 22 | 26 |
95-99 | 23 | 27 |
100-104 | 24 | 28 |
105-109 | 25 | 29 |
110-114 | 26 | 30 |
115-119 | 27 | 31 |
120-124 | 28 | 32 |
125-129 | 29 | 33 |
130-134 | 30 | 34 |
135-139 | 31 | 35 |
140-144 | 32 | 36 |
145-149 | 33 | 37 |
150-154 | 34 | 37 |
155-159 | 35 | 37 |
160-164 | 36 | 37 |
165-169 |
37 |
37 |
170-174 | 37 | 37 |
175-179 | 37 | 37 |
180 and above | 37 | 37 |
Van benefit charge
2019-20 | 2018-19 | |
Van benefit charge | £3,430 | £3,350 |
Fuel Benefit charge
2019-20 | 2018-19 | |
Car Fuel Benefit Charge Multiplier | £24,100 | £23,400 |
Van Fuel Benefit Charge Multiplier | £655 | £633 |
Vans
An annual charge in the above table applies for private use of company vans, except for commuting and incidental private use. A further charge, as per the above table applies for the provision of private fuel, reduced by employee contributions.
Car benefit | Percentage of list price (see below) | |
Fuel benefit | £23,400 | |
CO2 emissions (g/km): | Diesel | Petrol |
0-50 | 17% | 13% |
51-75 | 20% | 16% |
76-94 | 23% | 19% |
Each additional 5 | Further 1% | Further 1% |
Notes:
Benefit of electric vehicle 13%
Diesel vehicles meeting RDE2 standards will be exempt from diesel supplement.