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Income Tax Rates & Allowances and NIC’s Rate for 2016/17 from today

Income Tax Rates;
20% Basic Rate: £0 – £32,000
40% Higher Rate: £32,001 – £150,000
45% Additional Rate: £150,000+

Income Tax Allowances
Personal Allowance £11,000, Income Limit for Personal Allowance £100,000, Income Limit for Married couples Allowance £27,700, Marriage Allowance £1,100Max Married couples Allowance £8,355, Minimum Married Couples Allowance £3,220, Blind Persons Allowance £2,290, dividend Allowance £5,000, Personal Savings Allowance for basic raters £1,000 and higher raters £500

National Insurance Rates
Class 1: Lower Earnings Limit (LEL) £112, Primary Earnings Threshold (PET) £155, Secondary Earnings Threshold (SET) £156, Upper Secondary Threshold (apprenctices under 25) (AUST) £827, Upper Earnings Limit (UEL) £827.

Class 2: £2.80 per week, Small Earnings Exception £5,965 per annum, Special Rate for Share Fisherman £3.45 per week, Special Rate for Volunteer Development Workers £5.60 per week.
Class 3: £14.10 per week.

SSP, SMP, SAP, SPP Rates
Statutory Sick Pay (SSP) weekly rate increases to £88.45 today.  Employees must have average weekly earnings (AWE) of at least £112 to be entitled to SSP for any periods of incapacity for work (PIW).

Statutory Maternity Pay (SMP) weekly rate increases to £138.18 today.  Employees must have average weekly earnings (AWE) of at least £109 if the baby is due on or before 19th July 2014, or £111 if the baby is due on or after 20th July 2014.

Statutory Adoption Pay (SAP) weekly rate increases to £139.58 today.  Employees must have average weekly earnings (AWE) of at least £111 if the matching occurs on or before 19th July 2015, or £112 if the matching or notification occurs on or after 6th April 2014.

Statutory Paternity Pay (SPP) weekly rate increases to £139.58 today.  Employees must have average weekly earnings (AWE) of at least £111 if the baby is due on or before 19th July 2015 (or if the adoption matching or notification occurs on or before 5th April 2016, or £112 if the baby is due on or after 20th July 2046 (or if the adoption matching or notification occurs on or after 6th April 2016).

Small employers are able to recover 100% of SMP, SPP & SPP, plus 3% compensation for the Employers National Insurance incurred.  Other employers are able to recover 92%.

Company Cars & Vans Rates
Cars: Fuel Benefit Charge Multiplier £22,200.
Vans:  Benefit Charge £3,170.  Fuel Benefit Multiplier £598

Student Loan Thresholds for
Plan 1: £17,495 per year
Plan 2: £21,000 per year

You only start making repayments when your income is over the threshold.  You pay 9% of the income OVER the threshold.  You’ll be due to start repaying your loan in the April after you complete or leave your course.

You can pay off your loan more quickly by making extra repayments voluntarily. You can do this anytime at www.studentloanrepayment.co.uk

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