10 Points For New Tax Year 2019
Published / Last Updated on 07/03/2019
10 Points for New Tax Year 2019/20
- Personal Allowance up to £12,500, Higher Rate Tax Threshold up top £50,000
- National Insurance Contributions Upper Earnings Limit (UEL) also up to £50,000
- Lifetime Allowance up £25,000 to £1,055,000
- Residence Nil Rate Band (for inheritance tax) up to £150,000 meaning when added to your normal nil rate band for inheritance tax of £325,000 = total allowance £475,000 per person (£950,000 per couple)
- ISA limits frozen. Junior ISA limit up £108
- Company Car Taxes up 3%
- Entrepreneurs Relief - must own business assets for 2 years (previously 1 year)
- Buy to Let Mortgage Finance/Interest - only 25% of these costs can be offset in full against tax liability, balance 75% off costs will only get a basic rate tax credit of 20%
- Business Investment Allowance up £200,000 to £1m but only until 31/12/19
- Making Tax Digital for VAT returns starts
