Income Tax
| Rates | 2014/15 | 2013/14 | |||||
| Starting rate band of 10% on savings income up to* | £2,880 | £2,790 | |||||
| Basic rate of 20% on income up to | £31,865 | £32,010 | |||||
| Maximum tax at basic rate | £6,373 | £6,402 | |||||
| Higher rate of 40% on income | £31,866- £150,000 |
£32,011- £150,000 |
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| Tax on first £150,000 | £53,627 | £53,598 | |||||
| Additional rate on income over £150,000 | 45% | 45% | |||||
| Dividends for: | basic rate taxpayers | 10% | 10% | ||||
| higher rate taxpayers | 32.5% | 32.5% | |||||
| additional rate taxpayers | 37.5% | 37.5% | |||||
| Trusts: | standard rate band generally | £1,000 | £1,000 | ||||
| dividends (rate applicable to trusts) | 37.5% | 37.5% | |||||
| other income (rate applicable to trusts) | 45% | 45% | |||||
| * Not available if taxable non-savings income exceeds the starting rate band. | |||||||
| Child benefit charge | |||||||
| 1% of benefit for every £100 of annual income between £50,000 and £60,000. | |||||||
