- 0203 917 0650
- info@nicholasassie.com
Tax rates and allowances
With changes in the tax system now an ever-present feature, our up-to-date experience is available to ensure clients'' tax liabilities are planned to be at a minimum.
The main changes announced for 2019/20 are:
- personal allowance increases to £12,500
- starting rate band is £37,500
- higher rate threshold increases to £50,000
- car fuel benefit multiplier increases to £24,100
- van benefit is £3,430
- van fuel benefit is £655
- capital gains tax annual allowance increases to £12,000
- residence nil-rate band is £150,000
- national living wage increases from £7.83 per hour to £8.21
- junior ISA allowance and child trust fund limits increase to £4,368
- lifetime pension allowance increases from £1.03 million to £1.55 million
- VAT registration threshold remains at £85,000 until April 2022
- annual investment allowance is temporarily increased to £1 million for two years from 1 January 2019.
As a consequence of devolution, several rates may differ between the 4 countries that make up the UK and Northern Ireland. Where applicable these rates are shown in each section of these tax rates and allowances.