Rates and allowances
| Personal Allowances 2017/18 | |
|---|---|
| Single Person | £12,500 |
| Jointly Assessed Couple | £25,000 |
| Additional Personal Allowance | £6,400 |
| Blind Person | £2,900 |
| Disabled Person | £2,900 |
| Age Allowance | £0 |
| Income Tax rates | |
| Standard Rate | 10% |
| Higher Rate | 20% |
| Non-Resident Rate | 20% |
| Standard rate tax thresholds | |
| Single Person | £6,500 |
| Joint Assessed couple | £13,000 |
| Balance taxable at | 20% |
| Income Tax Cap amount | |
| Single Person | £125,000 |
| Joint Assessed couple | £250,000 |
Previous years rates and allowances
| 11/12 | 12/13 | 13/14 | 14/15 | 15/16 | 16/17 | 17/18 | |
|---|---|---|---|---|---|---|---|
| Standard rate | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
| Single person standard rate band | 10500 | 10500 | 10500 | 10500 | 10500 | 8500 | 6500 |
| Jointly Assessed couple standard rate band | 21000 | 21000 | 21000 | 21000 | 21000 | 17000 | 13000 |
| Higher rate | 20% | 20% | 20% | 20% | 20% | 20% | 20% |
| Non-resident rate | 20% | 20% | 20% | 20% | 20% | 20% | 20% |
| Single person Tax Cap amount | 115,000 | 120,000 | 120,000 | 120,000 | 125,000 | 125,000 | 125,000 |
| Jointly Assessed Couple Tax Cap amount | 230,000 | 240,000 | 240,000 | 240,000 | 250,000 | 250,000 | 250,000 |
| Single allowance | 9300 | 9300 | 9300 | 9500 | 9500 | 10500 | 12500 |
| Additional personal allowance* | 6400 | 6400 | 6400 | 6400 | 6400 | 6400 | 6400 |
| Blind persons / Disabled persons | 2900 | 2900 | 2900 | 2900 | 2900 | 2900 | 2900 |
| Age allowance** | 2020 | 2020 | 2020 | 1000 | 1000 | 1000 | 0 |
| Non-resident allowance | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Mortgage and Loan Interest limit*** | 7500 | 7500 | 7500 | 7500 | 7500 | 7500 | 5000 |
|
BIK**** |
400 | 400 | 400 | 400 | 400 | 400 | 400 |
| Nursing expense limit | 9300 | 9300 | 9300 | 9300 | 9300 | 9300 | 12500 |
| Educational deed of covenant | 5500 | 5500 | 5500 | 5500 | 5500 | 5500 | 5500 |
| Charitable Donations | 7000 | 7000 | 7000 | 7000 | 7000 | 7000 | 7000 |
| Private medical insurance limit | 1800 | 1800 | 1800 | 1800 | 1800 | 1800 | 1800 |
| Homestay (TT fortnight only) | 1500 | 1500 | 1500 | 1500 | 1800 | 1800 | 1800 |
IMPORTANT NOTE - From 6 April 2012, tax relief for certain general deductions is restricted to 10% for individuals. The general deductions affected are; interest paid on mortgages or loans, charitable donations or deeds of covenant, private medical insurance payments, nursing expenses and educational deeds of covenant entered into on or before 5 April 2011 and where the student is in qualifying full time education at that date. For tax years prior to 2012/13, general deductions were treated as reducing an individual’s taxable income and tax relief was therefore given at the individual’s effective rate of income tax. From 6 April 2012, 10% tax relief for the affected general deductions will be treated as reducing an individual’s total liability.
* Single parent additional allowance
** Age allowance is available to Isle of Man residents who are 65 or over at the start of the tax year
*** Mortgage and Loan Interest limit is for a single person, limit is doubled for a jointly assessed couple
**** Benefit in Kind
Interest and Repayment Supplement rates can be found in Practice Note PN 154/09.
Further details and guidance on allowances and reliefs are available in the GN1:Return Form Guide.
Further details regarding the Income Tax Cap are available in GN51: Income Tax Cap
For information on VAT see Customs and Excise.
National Insurance Rates and Thresholds
N.B. Rates were correct for the relevant tax year but may since have risen to the highest rate in force.
| Item (per week unless stated otherwise) | 12/13 | 13/14 | 14/15 | 15/16 | 16/17 | 17/18 |
|---|---|---|---|---|---|---|
| Lower Earnings Limit, Class 1 (LEL) | £107 | £109 | £111 | £112 | £112 | £113 |
| Upper Accrual Point (UAP) | £770 | £770 | £770 | £770 | £770 | £770 |
| Upper Earnings Limit, Class 1 (UEL) | £770 | £784 | £784 | £784 | £784 | £784 |
| Primary Threshold | £118 | £120 | £120 | £120 | £118 | £118 |
| Secondary Threshold | £115 | £117 | £117 | £117 | £118 | £118 |
| Prescribed annual equivalent of primary thresholds | £6,136 | £6,240 | £6,240 | £6,240 | £6,136 | £6,136 |
| Class 1 employees' primary rate of NI (between primary threshold and UEL) | 11% | 11% | 11% | 11% | 11% | 11% |
| Class 1 employees' additional rate of NI (above the UEL) | 1% | 1% | 1% | 1% | 1% | 1% |
| Class 1 employers' rate of NI (on all earnings above secondary threshold) | 12.8% | 12.8% | 12.8% | 12.8% | 12.8% | 12.8% |
| Employee's contracted-out rebate (COSR schemes only) | 1.6% | 1.6% | 1.6% | 1.6% | 1.6% | 1.6% |
| Employer's contracted-out rebate, salary related scheme (COSR) | 3.7% | 3.7% | 3.7% | 3.7% | 3.7% | 3.7% |
| Class 2 rate self-employed | £2.65 | £2.70 | £2.70 | £5.40 | £5.40 | £5.40 |
| Class 2 small earnings exception level (annual) | £5,595 | £5,725 | £5,725 | £5,995 | £6,136 | £6,136 |
| Class 2 rate for volunteer development workers | £5.35 | £5.45 | £5.55 | £5.60 | £5.60 | £5.65 |
| Class 2 for share fishermen | £3.30 | £3.35 | £3.35 | £6.70 | £6.70 | £6.70 |
| Class 3 voluntary contributions | £13.25 | £13.55 | £13.90 | £14.10 | £14.10 | £14.25 |
| Class 4 lower profits limit (annual) | £6,136 | £6,136 | £6,136 | £6,136 | £6,136 | £6,136 |
| Class 4 upper profits limit (annual) | £40,040 | £40,768 | £40,768 | £40,768 | £40,768 | £40,768 |
| Class 4 rate between the lower and upper limits | 8% | 8% | 8% | 8% | 8% | 8% |
| Class 4 rate above the upper limit | 1% | 1% | 1% | 1% | 1% | 1% |
