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
- Basic-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 £1.055 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 to 31 December 2020.
As a consequence of devolution, several rates may differ between the four countries that make up the UK. Where applicable these rates are shown in each section of these tax rates and allowances.