Total taxable income and gains
Up to higher rate threshold
Above higher rate threshold
Trust rate
10%
20%
20%
Higher rates (18%/28%)may apply to the disposal of certain residential prperty
Entrepreneur's relief:
Qualifying gains will be taxed at 10%. Claims may be made on more than one occasion up to a "lifetime" total of £10M.
Annual exempt amount - individuals £11,300 and most trustees £5,650.
Budget day edition, rules subject to change-contact us for latest.For general guidance only. No responsibillity is taken or refrained from in consequence of card contents
INHERITANCE TAX
2016/17
2017/18
For 2017/18 a further rate band of £100,000 may be available in relation
to current or former residences.Nil rate bands of surviving spouses/civil partners may be increased by unused nil rate bands of deceased
spouses/civil partners
Nil rate band
Rate of tax on balance:
Chargeable lifetime transfers
Transfers on, or within 7 years of death
£325,000
20%
40%
£325,000
20%
40%
Subject to a tapered reduction for transfers betwenn 7 and 3 years before death
.
STAMP DUTY LAND TAX
On the transfer of property The Stamp Duty Land Tax is:
Value up to £125,000
over £125,000 - £250,000
over £250,000 - £925,000
over £925,000 - £1,500,000
over £1,500,000
Residential
0%
2%
5%
10%
12%
Non-Residential
0%
2%
5%
10%
12%
The rates apply to the portion of the total value which falls within each band. Additional LBtt of 3%
may apply to the purchase of additional residential properties.