Chat with us, powered by LiveChat
This website uses cookies. You consent to our cookies if you continue to use our website. More Details

Home Resource Centre Tax Tables Income Tax Rates

Tax Tables

Income Tax Allowances, Reliefs and Credits

 

2020/21
£

2019/20
£

2018/19
£

Personal allowance (minimum)

12,500

12,500

11,850

Blind Person's Allowance

2,500

2,450

2,390

 

     

Rent-a-room tax free home income*
*restricted to £3,750 if letting jointly

7,500

7,500

7,500

Transferable Tax Allowance for Married couples & Civil partners

1,250

1,250

1,185

Available to spouses/civil partners born after 5 April 1935. This allowance is 10% of the personal allowance for those born after 5 April 1938. It allows a spouse or civil partner who is not liable to income tax at the basic rate to transfer this amount of their personal allowance to their spouse/civil partner. The recipient must not be liable to tax above the basic rate. The recipient is eligible to a tax reduction of 20% the transferred amount.

 

Married couples/Civil partnerships allowance maximum (age 75+)

9,075

8,915

8,695

Married couples/Civil partnerships allowance minimum (age 75+)

3,510

3,450

3,360

Married couples/Civil partnerships allowance (Income Limit - age 75+)

30,200

29,600

29,600

       

Personal allowances progressively reduced £1 for £2 income above £100,000

 

 

 

 

Limits for other reliefs

   

 

Enterprise Investment Scheme (EIS)

30%

30%

30%

Maximum Investment*

1,000,000

1,000,000

1,000,000

EIS capital gains re-investment

Unlimited

Unlimited

Unlimited

 

     

Seed Enterprise Investment Scheme (SEIS)

50%

50%

50%

Maximum Investment

100,000

100,000

100,000

SEIS re-investment exemption

50%

50%

50%

 

     

Venture Capital Trusts (VCT)

30%

30%

30%

Maximum Investment

200,000

200,000

200,000

 

 

 

 

Social Investment Relief (SITR)

30%

30%

30%

Maximum Investment

1,500,000

1,500,000

1,500,000

SITR capital gains re-investment

Unlimited

Unlimited

Unlimited

 

 

 

 

*Increased to 2,000,000 for investments in knowledge intensive businesses from 6 April 2018

 

 

 


© 2020