USEFUL TAX FIGURES

Last updated: April 2017

Description2017/182016/17
Income and Savings
Income Tax Personal Allowance£11,500£11,000
Individual Savings Account (ISA) Limit£20,000£15,240
Statutory Sick Pay£89.35 per week£88.45 per week
Statutory Maternity Pay£140.98 per week£139.58 per week
Tax
Basic Rate20%20%
Higher Rate40%40%
Additional Rate45%45%
Tax Threshold*
Basic RateUp to £33,500Up to £32,000
Higher Rate£33,501 - £150,000£32,001 - £150,000
Additional RateAbove £150,000Above £150,000
Employee National Insurance
Basic Rate12%12%
Higher Rate2%2%
National Minimum Wage (NMW)
National Living Wage (Aged 25+)
Introduced April 2016
£7.50 per hour£7.20 per hour
NMW Aged 21+£7.05 per hour£6.95 per hour
NMW Aged 18 - 20£5.60 per hour£5.55 per hour
NMW Under 18£4.05 per hour£4.05 per hour
NMW Apprentice£3.50 per hour£3.40 per hour
Pensions & Automatic Enrolment
Basic State Pension - single person£122.30 per week
(£6,359.60 pa)
£119.30 per week
(£6,203.60 pa)
New State Pension£159.55£155.65
Annual Allowance**£40,000£40,000
Lifetime Allowance£1 million£1 million
Earnings Trigger for Auto Enrolment£10,000£10,000
Primary Earnings Threshold (PET)£8,164£8,060
Lower Earnings Limit (LEL)£5,876£5,824
Upper Earnings Limit (UEL)£45,000£43,000
State Incapacity Benefits
Employment & Support Allowance (ESA)£73.10 per week£73.10 per week
Work Related Activity Component (WRAC)£29.05 per week£29.05 per week
 Total: £102.15
(£5,311.80pa)
Total: £102.15
(£5,311.80pa)
Support Group
(or receive this instead of WRAC)
£36.20 per week£36.20 per week
Child Benefit
Only or Eldest child£20.70 per week£20.70 per week
Additional children (per child)£13.70 per week£13.70 per week

 

Notes:

* The level of tax payable by Scottish taxpayers is now set by the Scottish Parliament. The following link provides details: Scottish Income Tax 2017-18

** Reduced Annual Allowance

If you have already accessed your pension your Annual Allowance could be reduced to £10,000.

If you have Adjusted Earnings above £150,000, your Annual Allowance will be reduced by £1 for every £2 of income in excess of £150,000 to a minimum Annual Allowance of £10,000.

You will pay tax on any excess pension contributions paid into your pension above your annual allowance. If you are not sure if you are subject to a reduced Annual Allowance or you need further information, we suggest that you take independent financial advice.

Apr 1, 2017
X
Portus Consulting is now part of the Aon Group!