From 6th April 2015, the new tax year begins. This years’ changes are listed below in a quick reference guide:
Headlines
The Personal Allowance has risen to £10,600, and the Basic Rate has reduced to £31,785.
Rate % Bandwith
Basic Rate 20% £1 to £31,785
Higher Rate 40% £31,786 TO £150,000
Additional Rate 45% £150,0001 and above
Changes to Income Tax Allowances
Personal Allowance 2014/15 2015/16 Change
Those born after 5 April 1948 £10,000 £10,600 £600
Born between 6 April 1938 – 5 April 1948 £10,500 £10,600 £100
Those born before 6 April 1938 £10,660 £10,660 –
National Insurance Contribution thresholds
2014-15 2015/16
£ per week £ per week
Weekly Lower Earnings Limit (LEL) 111 112
Weekly Primary Threshold (PT) 153 155
Weekly Secondary Threshold (ST) 153 156
Upper Earnings (UEL) 805 815
Upper Profits Limit (UPL) 41,865 pa 42,385 pa
Upper Secondary Threshold for U21s (*3) N/A 815
Employment Allowance (per employer) 2,000 pa 2,000 pa
*3 Upper Secondary Threshold (UST) introduced from April 2015 for employees under the age of 21. The rate of secondary NICs for employees under the age of 21 on earnings between ST and UST will be 0%.
Class 1 National Insurance Contribution rates 2015-16
Employees (primary) Employer (Secondary)
Earnings NIC rate Earnings NIC rate
£ per week per cent £ per week per cent
Below £112 0 Below £156 0
£112-155 0 Above £156 13.8
£155-815 12
Above £815 2
Statutory Adoption Pay
2014-15 2015-16
Earnings Threshold 111.00 112.00
Standard Rate 138.18 139.58
Statutory Maternity Pay
2014-15 2015-16
Earnings Threshold 111.00 112.00
Standard Rate 138.18 139.58
Statutory Paternity Pay
2014-15 2015-16
Earnings Threshold 111.00 112.00
Standard Rate 138.18 139.58
Additional statutory paternity pay 138.18 139.58
Statutory Shared Parental Pay
2014-15 2015-16
Earnings Threshold 111.00 112.00
Standard Rate 138.18 139.58
Statutory Sick Pay
2014-15 2015-16
Earnings Threshold 111.00 112.00
Standard Rate 87.55 88.45
