|Income tax rates||2014-2015||2013-2014|
|10% starting rate for savings *||£2,880||£2,790|
|20% on income up to||£31,865||£32,010|
|40% on income over||£31,865||£32,010|
|45% on income over||£150,000||£150,000|
|Dividends for basic rate taxpayers||10%||10%|
|Dividends for higher rate taxpayers up to £150,000||32.5%||32.5%|
|Dividends for income over £150,000||37.5%||37.5%|
|Trusts within relevant property regime **||45%||45%|
|Dividends for trusts within relevant property regime||37.5%||37.5%|
* Restricted to savings income and not available if non-savings income exceeds starting rate limit.
** A standard rate band of £1,000 applies, below this level income will be taxed at no more than 20%.
|Main income tax reliefs||2014-2015||2013-2014|
|Personal allowance (for income up to £100,000) *||£10,000||£9,440|
|Personal allowance (born 6/4/1938 to 5/4/1948) **||£10,500||£10,500|
|Personal allowance (born before 6/4/1938) **||£10,660||£10,660|
|Married couple’s allowance (born before 6/4/1935) ***||£8,165||£7,915|
|Income limit for age-related allowances||£27,000||£26,100|
|Blind person’s allowance||£2,230||£2,160|
|Enterprise Investment Scheme at 30% ****||£1,000,000||£1,000,000|
|Seed Enterprise Investment Scheme at 50% ****||£100,000||£100,000|
|Venture Capital Trust at 30%||£200,000||£200,000|
|Social Investment Tax Relief at 30% ****||£1,000,000||-|
|Rent-a-room tax-free income||£4,250||£4,250|
* The allowance is reduced by £1 for every £2 income above £100,000 irrespective of age.
** The allowance is reduced by £1 for every £2 income above the limit subject to a minimum allowance of £10,000 for 2014-15 unless income exceeds £100,000.
*** The allowance may be reduced subject to income levels (minimum allowance £3,140 for 2014-15). Relief is given at 10%.
**** Capital gains tax reliefs may also be available.