No Change to Tax Bandings or Tax Rates
No Tax payable for earnings of up to £11,450 (Increase of £250) - under both systems
(Minor changes to the Tax Taper Relief)
Social Insurance has Not changed this year
Gross Income Based (GIB) System Tax Rates
| A) Up to £25,000 |
| First £10,000 @ 6% |
| Next £ 7,000 @ 20% |
| Balance @ 28% |
| B) Above £25,000 |
| First £ 17,000 @ 16% |
| Next £ 8,000 @ 19% |
| Next £ 15,000 @ 25% |
| Next £ 65,000 @ 28% |
| Next £395,000 @ 25% |
| Next £200,000 @ 18% |
| Balance @ 5% |
Allowance Based System (ABS) Tax Rates
| First £ 4,000 @ 14% |
| Next £12,000 @ 17% |
| Balance @ 39% |
A tax credit of £300 (or 2% if higher) will be given of their annual tax bill.
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Social Insurance contributions has not changed Existing Values as under:
Employee
10% on Gross earnings Per Week with Maximum of £30.25 and Minimum of £6.05
Married Woman
£15.95 (Per Week)
Employer
20% on Gross earnings Per Week with Maximum of £40.15 and Minimum at £18.15
Self Employed
20% on Gross earnings Per Week with Maximum of £36.85 and Minimum of £12.10