Tax Flashcards
(14 cards)
CGT Rates - from 30 October 2025
Higher Rate Tax Payers- 24% for residential and other chargeable assets (was 20%)
BADR
From 6th April 2025 discounted BADR increased from 10% to 14%
Other changes from 04/2025
-From 6 April 2025, the rate of Employer’s National Insurance Contributions (NICs) will be 15%, up from the current rate of 13.8%. In addition, the secondary threshold (at which employers start to pay NICs) will be cut from £9,100 to £5,000.
- National Living wage - £12.21
CGT personal allowance
£3,000
SDLT - Residential
Up to £125,000 Zero
The next £125,000 (the portion from £125,001 to £250,000) 2%
The next £675,000 (the portion from £250,001 to £925,000) 5%
The next £575,000 (the portion from £925,001 to £1.5 million) 10%
The remaining amount (the portion above £1.5 million) 12%
Plus 5% if you own another property - increased April 2025
CGT on 1 Hayes Farm Cottage
(not including costs of sale or improvements)
value sold at - £395,000 - £30,000 (1982 value) = £365,000
minus personal allowance = £362,000
362,000 at 24% = £86K
SDLT - First time buyers
No SDLT up to £300,000
5% SDLT on the portion from £300,001 to £500,000
If the price is over £500,000, you cannot claim the relief.
SDLT - Non - Resi property
Up to £150,000 Zero
The next £100,000 (the portion from £150,001 to £250,000) 2%
The remaining amount (the portion above £250,000) 5%
Income Tax
Personal Allowance - £12,750 -0%
Basic rate - 12,750 up to £50,270 -20%
Higher rate - £50,271 to £125,140 - 40%
Additional Rate - over £125,140 - 45%
IHT nil rate band
£325,000
Residence Nil Rate band
£175,000
When must a company become VAT registered
turnover over 90k
Corporation Tax
Corporation tax is the main tax paid by companies on profits, investments, and asset gains.
Companies pay 25% on profits over £250,000, 19% on profits up to £50,000
Business Rates
Rateable value - 1st April 2021
multiply RV by multiplier
Small business rates relief if RV under 15k, tapered to 12k, 100% relief below 12k.
