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State Pension/Miscellany

CORPORATION TAX PROFITS

Financial Yr 2019


1.4.2019 - 31.3.2020

Financial Yr 2018


1.4.2018 - 31.3.2019

Financial Yr 2017


1.4.2017 - 31.3.2018

£0-£300,000 (small profits rate)

19%

19%

19%

The corporation tax rate will reduce to 17% from 1 April 2020.


Corporation tax ipayable on loans made by close companies to participators/directors who hold more than 5% of the company and not repaid within 9 months of the accounting date is 32.5% of the loan outstanding. It is repaid when the loan is repaid.


STATE PENSION - Per week - old rules

2018/19

2017/18

Notes

Cat A or B - State pension  

£125.95

£122.30

Relates to single person or married with their own NI contributions.

Cat B pension - spouse/civil partner insurance

£75.50

£73.30

Married person using spouses NI contributions record.

Cat C or D - non-contributory

£75.50

£73.30

Includes over 80s pension.

Pension credit - minimum guarantee - single

£163.00

£159.35

Pension credit tops up the weekly income to a guaranteed minimum.

Pension credit - minimum guarantee - married

£248.80

£243.25

OLD RULES - applies to those who reached state retirement age before 6.4.2016 and have 30 years NI record.

More details available in Age UK-Factsheet 19.


STATE PENSION - Per week - new rules

2018/19

2017/18

Notes

New State Pension - Basic maximum

£164.35

£159.55

For those who reach state pension age after 5.4.2016

NEW RULES - applies to those who reach state retirement age after 5.4.2016 and have 35 years NI record get the maximum above. Those with 10-34 years contributions receive a proportion and those with less than 10 years NIC contributions will get nothing, subject to certain exceptions. Those who have contributions before 6.4.2016 - transitional calculations will apply.

More details available in Age UK- Factsheet 19.


RESTRICTION OF FINANCE COSTS AGAINST RENTAL INCOME FOR INDIVIDUAL LANDLORDS

percentage of Interest allowed

balance of interest allowed at basic rate tax relief only

Notes

Tax year 2016/17

100%

n/a

Higher rate taxpayers will pay more tax and basic rate taxpayers will not be affected other than to increase taxable profits, potentially moving them into the higher rate tax bracket.

Tax year 2017/18

75%

25%

Tax year 2018/19

50%

50%

Tax year 2019/20

25%

75%

Tax year 2020/21

0%

100%

The above restrictions do not apply to commercial property or furnished holiday lets or to residential properties held under  limited company ownership. In 2020/21 relief will only be available at the basic rate (currently 20%).