USEFUL TAX FIGURES

Last updated April 2018

Description2018/192017/18
Income and Savings
Income Tax Personal Allowance£11,850£11,500
Individual Savings Account (ISA) Limit£20,000£20,000
Statutory Sick Pay£92.05 per week£89.35 per week
Statutory Maternity Pay£145.18 per week£140.98 per week
Tax
Basic Rate20%20%
Higher Rate40%40%
Additional Rate45%45%
Tax Threshold*
Basic Rate£34,500Up to £33,500
Higher Rate£33,501 - £150,000£33,501 - £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
£7.83 per hour£7.50 per hour
NMW Aged 21+£7.83 per hour£7.05 per hour
NMW Aged 18 - 20£5.90 per hour£5.60 per hour
NMW Under 18£4.20 per hour£4.05 per hour
NMW Apprentice£3.70 per hour£3.50 per hour
Pensions & Automatic Enrolment
Basic State Pension - single person£125.95 per week (£6,549.40 pa)£122.30 per week
(£6,359.60 pa)
New State Pension£164.35£159.55
Annual Allowance**£40,000£40,000
Lifetime Allowance£1,030,000£1 million
Earnings Trigger for Auto Enrolment£10,000£10,000
Primary Earnings Threshold (PET)£8424£8,164
Lower Earnings Limit (LEL)£6032£5,876
Upper Earnings Limit (UEL)£46350£45,000
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 2018-19

** 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, 2018
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