Benefit Solutions

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2016-17 Allowances at a glance

Alistair Cunningham

Income Tax Allowances
Personal allowance		£11,000
Dividend allowance		£5,000
Savings rate band		£5,000
Personal savings allowance		£1,000 (£500 for higher rate tax payers, £0 for additional)
Income tax bands and rates
		Effective rate	Dividend rate
Basic rate band	£11,000 – £43,000	20%	7.5%
Higher rate band I	£43,000 – £150,000	40%	32.5%
Loss of personal allowance	£100,000 – £122,000	60%	52.5%
Higher rate band II	£122,000 – £150,000	40%	32.5%
Additional rate band	£150,000 +	45%	38.1%
Capital Gains Tax
Annual exemption		£11,100
Inheritance Tax
Nil rate band		£325,000
Pension Allowances
Earnings under £110,000		£40,000
Pension Allowances may be reduced for people earning over £110,000, those who have flexibly accessed their pensions; and Carry Forward may apply for many people.
ISA Allowances
ISA		£15,240
Junior ISA		£4,080
Lifetime ISA (from 6th April 2017)		£4,000

Contact the Author

Alistair, a founding director of Wingate Financial Planning, specialises in complex client cases, particularly owner-managed businesses, pensions, and retirement planning. He is a member of the Wingate Investment Committee and a Chartered Financial Planner, Fellow of the Personal Finance Society, and member of STEP and the Chartered Institute of Taxation.