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.