Chartered Management Accountants | Milton Keynes
|Individual basic-rate income tax band||10%||18%|
|Individual higher-rate and additional-rate income tax bands||20%||28%|
|Gains on residential property not eligible for principal private residence (PPR) relief and carried interest|
|Individual basic-rate income tax band||18%||18%|
|Individual higher-rate and additional-rate income tax bands||28%||28%|
|Entrepreneurs’ relief – effective rate||10%||10%|
|Entrepreneurs’ relief to a limit of||£10m||£10m|
|Individuals and personal representitives||£12,000||£11,700|
|Settlement(s) (spread over total number)||£6,000||£5,850|
|Main rate for trustees and personal representatives||20%||20%|
|Rate for trustees and personal representatives (for gains on residential property not eligible for PRR)||28%||28%|
|(proceeds per item or set)||£6,000||£6,000|
If you or your company works with contract workers in any way, you need to understand everything about IR35 tax reforms.
We will address some crucial points on this guide, such as the taxes that need to be paid by landlords and tax-effective property ownership.