Note 1: Where income is above £100,000 the Personal Allowance reduces by £1 for every £2 of income above the £100,000 limit down to zero. This reduction applies to all people irrespective of age or date of birth.

Note 2: The Married Couples allowances applies to those born before 6 April 1935. The allowance reduces by £1 for every £2 of income above the specified income limit of £31,400, but never falls below the minimum amount specified above. Tax relief for the Married Couples Allowance is given at 10%.

Note 3: Charge of 1% of the child benefit per £100 of adjusted net income over £50,000; 100% of the child benefit withdrawn when adjusted net income reaches £60,000.

People stop paying Class 1 and Class 2 contributions when they reach State Pension Age, which is determined by gender and date of birth.

Note 1: Business Asset Disposal Relief available at 14%/10% with a lifetime limit of £1m from 11 March 2020 (Previously £10m).

Note 1: Each individual has a tax-free gift allowance of £3,000 per annum. This means that a donor can give £3,000 in any one tax year without tax implications. Anything larger than £3,000 will be considered a ‘Potentially Exempt Transfer’ (PET) and may be subject to inheritance tax should the donor fail to survive seven years from the date the gift is made.

Note 2: Tapering relief is given in respect of gifts made between three and seven years before death as follows:

Note 1: From 1 March 24 and 31 March 25, the main rate will be 25%. A small profits effective rate of 19% will apply to profits up to £50,000. The marginal rate will increase from 19% to 26.5% on profits between £50,000 and £250,000.