2019-rates-and-allowances
Written by Ray Coman
State pension
|
2019-20 |
2018-19 | |||
| Weekly | Annual | Weekly | Annual | |
| Single Tier Pension | £168.60 | £8,767.00 | £164.35 | £8,546.40 |
| Basic State Pension | £129.20 | £6,718.40 | £125.95 | £6,549.40 |
| Basic State Pension Married Couple | £206.65 | £10,745.80 | £201.45 | £10,475.40 |
Capital Gains
| 2019-20 | 2018-19 | Note | |
| Annual Exemption: | |||
| Individuals | £12,000 | £11,700 | |
| Trusts | £6,000 | £5,850 | |
| Entrepreneurs' relief: lifetime allowance | £10 million | £10 million | |
| Investors Relief: lifetime allowance | £10 million | £10 million | |
| Basic and starting rate taxpayers | 10% | 10% | A |
| Higher and additional rate tax payers | 20% | 20% | A |
| Trusts and personal representatives | 20% | 20% | A |
| Rate where entrepreneurs/investors relief applies | 10% | 10% |
A Gains on carried interest and and chargeable residential property - 8% surcharge.
Research and Development Relief:
Relief for qualifying revenue expenditure is as follows:
| 2019-20 | 2018-19 | Note | |
| SME enhanced deduction scheme | 130% | 130% | A |
| SME cash credit for R&D loss surrendered | 14.50% | 14.50% | B |
| Large company above the line scheme credit | 12% | 12% | C |
A Additional (enhanced) tax deduction available for qualifying R&D expenditure
B From 1 April 2020, the payable R&D tax credit in any tax year is restricted to three times the company's total PAYE and NIC liability for that year.
C Taxable credit available on qualifying R&D expenditure.
EU definition of small and medium sized companies for R&D tax relief purposes
| Since 1 August 2008 | Before 1 August 2008 | |
| Employees | <500 | <250 |
| Turnover | ≤€100 million | ≤€50 million |
| Balance sheet assets | ≤€86 million | ≤€43 million |
National Insurance Contributions on Employment
| Class 1 | 2019-20 | ||
| Employer | Employee | ||
| Earnings per week | Rate Payable | Earnings per week | Rate payable |
| £0.01 - £166.00 | Nil | £0.01 - £166.00 | Nil |
| £166.01-£892.00 | 13.80% | £162.01-£962.00 | 12% |
| Over £892.00 | 13.80% | Over £962.00 | 2% |
| Class 1A & 1B (employers only) | 13.80% | ||
| Class 2 (self employed) | £3.00 per week (small profits threshold £6,365) | ||
| Class 3 (voluntary) | £15.00 per week | ||
| Class 4 (self employed) | Profits up to £8,632 | 0% | |
| Profits from £8,632 to £50,000 | 9% | ||
| Profits above £50,000 per annum | 2% | ||
Pension Rates
|
|
2019-20 | 2018-19 | Note |
|
Lifetime Allowance |
£1,055,000 | £1,030,000 | |
|
Annual Allowance |
£40,000 | £40,000 | A |
A Up to the lower of 100% of earnings or the maximum contribution. Maximum contribution is the annual allowance plus unutilised allowances from the three previous tax years. Up to £3,600 may be contributed, irrespective of earnings. Annual allowance reduced by £1 for every £2 income over £150,000 to a minimum of £10,000, and to £4,000 maximum if certain pension drawings are made.
Car Benefit Charge 2019-20
| Co2 Emissions g/km | Petrol Engine % | Diesel Engines % |
| 50 or less | 16 | 20 |
| 51-75 | 19 | 23 |
| 76-94 | 22 | 26 |
| 95-99 | 23 | 27 |
| 100-104 | 24 | 28 |
| 105-109 | 25 | 29 |
| 110-114 | 26 | 30 |
| 115-119 | 27 | 31 |
| 120-124 | 28 | 32 |
| 125-129 | 29 | 33 |
| 130-134 | 30 | 34 |
| 135-139 | 31 | 35 |
| 140-144 | 32 | 36 |
| 145-149 | 33 | 37 |
| 150-154 | 34 | 37 |
| 155-159 | 35 | 37 |
| 160-164 | 36 | 37 |
| 165-169 |
37 |
37 |
| 170-174 | 37 | 37 |
| 175-179 | 37 | 37 |
| 180 and above | 37 | 37 |
Van benefit charge
| 2019-20 | 2018-19 | |
| Van benefit charge | £3,430 | £3,350 |
Fuel Benefit charge
| 2019-20 | 2018-19 | |
| Car Fuel Benefit Charge Multiplier | £24,100 | £23,400 |
| Van Fuel Benefit Charge Multiplier | £655 | £633 |
Vans
An annual charge in the above table applies for private use of company vans, except for commuting and incidental private use. A further charge, as per the above table applies for the provision of private fuel, reduced by employee contributions.
| Car benefit | Percentage of list price (see below) | |
| Fuel benefit | £23,400 | |
| CO2 emissions (g/km): | Diesel | Petrol |
| 0-50 | 17% | 13% |
| 51-75 | 20% | 16% |
| 76-94 | 23% | 19% |
| Each additional 5 | Further 1% | Further 1% |
Notes:
Benefit of electric vehicle 13%
Diesel vehicles meeting RDE2 standards will be exempt from diesel supplement.
