Tax Rates 2016-17

Income Tax Rates and Allowances for 2016-2017
For 2016-17, the main rates of income tax will be the 20 per cent basic rate, 40 per cent higher rate and the additional rate will be 45%.
 
For 2016-17 the personal allowance for those aged under 65 will be set at £11,000 and the basic rate limit at £32,000.  
 
Once you have income in excess of £122,000 you get no personal allowance at all. 

 
Income Tax Bands of Taxable Income (£ per year)
                                                       2015-16                2016-17                    
Basic rate                                      £0 - 31,785             £0 - 32,000          
Higher rate                               £31,786 - 150,000   £32,001 - -150,000   
Additional rate                             Over £150,000          Over £150,000          
 
Married Couples Tax Break announced (from 6/4/2015)
From 6/4/2015, married couples or civil partners can take advantage of a new transferable tax allowance.
 
If one of the married couple etc is a basic rate taxpayer i.e. he or she earns below £42,285 in 2015/16, and the other partner has unused personal allowance.
 
One partner can elect to transfer up to £1,000 of his/her allowance to the other, thereby the other partner saves £200 (£1,000 @20%).