Chancellor of the Exchequer George Osborne in his Autumn Statement last December and the Budget Statement this March continues with his practice of announcing changes to taxation for future tax years. CGI has again produced its popular Pay Facts card that puts together the salient points for the 2015/16 tax year.
Some of the payroll related information for the 2015/16 tax year is provided below with additional information available for download.
- Income tax rates
- Personal savings allowance
- Company cars
- Company vans
- Statutory Payments
- Employment allowance
|Income tax rates||2014/15||2015/16|
|Rate||Taxable income bands|
|Basic rate||20%||£ 0 – 31,865||£ 0 – 31,785|
|Higher rate||40%||£ 31,866 – 150,000||£ 31,786 – 150,000|
|Additional rate||45%||over £ 150,000||over £ 150,000|
|Income tax reliefs||2014/15||2015/16|
|Single Person's Allowance|
|Persons born after 5 April 1948||£ 10,000||£ 10,600|
|Persons born 6 April 1938 to 5 April 1948||£ 10,500||£ 10,600|
|Persons born before 6 April 1938||£ 10,660||£ 10,660|
|Income Limit for Personal Allowances||£ 100,000||£ 100,000|
|allowance reduced by 50% of excess|
|Couples and civil partners can transfer 10% of their allowance if neither is a higher or additional rate taxpayer||£1,060|
|Married Couple's Allowance (born before 6 April 1935)|
|Minimum||£ 3,140||£ 3,220|
|Maximum||£ 8,165||£ 8,355|
|Tax rate for relief||10%||10%|
|for Allowances (born before 6 April 1938)||£ 27,000||£ 27,700|
|allowance reduced by 50% of excess but not below level of main personal allowances unless income is above £100,000|
|Blind Person's||£ 2,230||£ 2,290|
A personal savings allowance will be introduced from 2016/17. It will be £1,000 for basic rate taxpayers and £500 for higher rate taxpayers. No allowance will be available to additional rate taxpayers.
The company car benefit now includes a charge for zero emission cars.
The company car fuel benefit charge multiplier rises from £ 21,700 in 2014/15 to £ 22,100 in 2015/16.
The van benefit charge is index-linked and rises from £ 3,090 in 2014/15 to £ 3,150 in 2015/16.
A charge for zero emission vans is introduced.
The van fuel benefit charge is index-linked and rises from £581in 2014/15 to £594 in 2015/16
A new tax-free childcare scheme will be introduced from the autumn of 2015 and over time, replace the existing system of employer supported childcare. The government will support working families with 20% of their childcare costs up to £ 2,000 per child per year. In addition, the government will increase childcare support within Universal Credit.
|Earnings threshold||£ 111.00||£ 112.00|
|Statutory sick pay|
|Standard rate||£ 87.55||£ 88.45|
|The 2015/16 rate of SSP is payable from 6 April 2015|
|Statutory maternity pay|
|Standard rate||£ 138.18||£ 139.58|
|Higher rate||90% of average weekly earnings||90% of average weekly earnings|
|Statutory adoption pay|
|Standard rate||£ 138.18||£ 139.58|
|Higher rate||n/a||90% of average weekly earnings|
|Ordinary statutory paternity pay|
|Additional statutory paternity pay|
|Shared parental pay|
|Standard rate||£ 136.78||£ 138.18|
|Standard rate is limited to 90% of average weekly earnings|
|The 2015/16 rates of SMP, SAP, OSPP, ASPP and ShPP are payable from the first full statutory payment week starting on or after Sunday 5 April 2015.|
From April 2014, businesses, community sports clubs and charities will be entitled to an employment allowance of up to £ 2,000 per year. The employment allowance can be used to reduce the employer’s (also called secondary) national insurance contributions by up to £ 2,000.
From April 2015, care and support employers may claim employment allowance for the 2015/16 and subsequent tax years.