Budget 2017 tax tables: what the Government’s changes mean for you

Accountants Blick Rothenberg crunch the numbers to calculate the winners and losers from the Budget

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The Independent Online

On the whole, everyone will be better off in 2017/18 as a result of the personal allowance being increased by £500 and the basic rate band by £1,500. However, this is generally offset by employed and self-employed individuals paying additional national insurance contributions.

Pensioners, who do not pay national insurance contributions, will be particularly better off with some keeping up to £83/month in the bank compared to the current tax year.

Families will be no better or worse off as the child tax credits, working tax credits and child benefit rates are all frozen.

The outlook for 2018/19 is mixed however, particularly for self-employed individuals who will be worse off compared to 2017/18. For those individuals who make more than £125,000 of profit per year, the monthly tax savings in 2017/18 will be completely reversed so that they are in the same position as is currently the case.

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Married (or civil partnership) couple, two earners, two children

Salary

Net Income 2017/2018 Net Income 2018/2019 Monthly gain/loss 2018/2019
£10,000 21,206 21,206 +0
£15,000 23,936 23,498 +1
£20,000 26,349 26,417 +6
£25,000 28,212 28,292 +7
£30,000 29,895 29,976 +7
£35,000 32,148 32,257 +9
£40,000 35,548 35,674 +10
£45,000 38,948 39,074 +10
£50,000 42,348 42,474 +10
£60,000 49,148 49,274 +10
£70,000 55,781 55,982 +17
£80,000 61,319 61,519 +17
£90,000 66,259 66,460 +17
£100,000 72,393 72,593 +17
£125,000 87,726 87,927 +17
£150,000 102,559 102,835 +23
£175,000 113,726 114,001 +23

 

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Married (or civil partner) couple, one earner, two children

Salary

Net Income 2017/2018 Net Income 2018/2019 Monthly gain/loss 2018/2019
£10,000 20,986 20,998 +1
£15,000 22,866 22,933 +6
£20,000 24,216 24,283 +6
£25,000 25,566 25,633 +6
£30,000 26,916 26,983 +6
£35,000 29,098 29,166 +6
£40,000 32,498 32,566 +6
£45,000 35,668 35,731 +5
£50,000 38,568 38,706 +11
£60,000 42,580 42,717 +11
£70,000 48,380 48,517 +11
£80,000 54,180 54,317 +11
£90,000 59,980 60,117 +11
£100,000 65,780 65,917 +11
£125,000 75,680 75,717 +3
£150,000 90,180 90,217 +3
£175,000 103,430 103,467 +3

 

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Married pensioners (born after 5th April 1935)

Salary

Net Income 2017/2018 Net Income 2018/2019 Monthly gain/loss 2018/2019
£10,000 10,000 10,000 +0
£15,000 15,000 15,000 +0
£20,000 19,863 19,863 +5
£25,000 24,197 24,252 +5
£30,000 28,530 28,585 +5
£35,000 32,600 32,683 +7
£40,000 36,600 36,700 +8
£45,000 40,600 40,700 +8
£50,000 44,600 44,700 +8
£60,000 52,600 52,700 +8
£70,000 60,267 60,517 +21
£80,000 66,933 67,183 +21
£90,000 73,600 73,850 +21
£100,000 80,267 80,517 +21
£125,000 96,933 97,183 +21
£150,000 112,600 113,000 +33
£175,000 124,267 124,667 +33

 

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Single pensioner

Salary

Net Income 2017/2018 Net Income 2018/2019 Monthly gain/loss 2018/2019
£10,000 10,000 10,000 +0
£15,000 14,300 14,350 +4
£20,000 18,300 18,350 +4
£25,000 22,300 22,350 +4
£30,000 26,300 26,350 +4
£35,000 30,300 30,350 +4
£40,000 34,300 34,350 +4
£45,000 38,300 38,350 +4
£50,000 41,300 41,500 +17
£60,000 47,300 47,500 +17
£70,000 53,300 53,500 +17
£80,000 59,300 59,500 +17
£90,000 65,300 65,300 +17
£100,000 71,300 71,500 +17
£125,000 81,700 81,800 +8
£150,000 96,700 96,800 +8
£175,000 110,450 110,550 +8

 

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Single person, no children

Salary

Net Income 2017/2018 Net Income 2018/2019 Monthly gain/loss 2018/2019
£10,000 11,082 11,095 +1
£15,000 13,480 13,542 +5
£20,000 16,880 16,942 +5
£25,000 20,280 20,342 +5
£30,000 23,680 23,742 +5
£35,000 27,080 27,142 +5
£40,000 30,480 30,452 +5
£45,000 33,880 33,942 +5
£50,000 36,780 36,917 +11
£60,000 42,580 42,717 +11
£70,000 48,380 48,517 +11
£80,000 54,180 54,317 +11
£90,000 59,980 60,117 +11
£100,000 65,780 65,917 +11
£125,000 75,680 75,717 +3
£150,000 90,180 90,217 +3
£175,000 103,430 103,467 +3

 

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Single person, one child

Salary

Net Income 2017/2018 Net Income 2018/2019 Monthly gain/loss 2018/2019
£10,000 17,493 17,506 +1
£15,000 19,143 19,206 +5
£20,000 20,493 20,556 +5
£25,000 21,843 21,906 +5
£30,000 24,756 24,819 +5
£35,000 28,156 28,219 +5
£40,000 31,556 31,619 +5
£45,000 34,956 35,019 +5
£50,000 37,856 37,994 +11
£60,000 42,580 42,717 +11
£70,000 48,380 48,517 +11
£80,000 54,180 54,317 +11
£90,000 59,980 60,117 +11
£100,000 65,780 65,917 +11
£125,000 75,680 75,717 +3
£150,000 90,180 90,217 +3
£175,000 103,430 103,467                    +3

 

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Single person, self-employed

Salary

Net Income 2017/2018 Net Income 2018/2019 Monthly gain/loss 2018/2019
£10,000 10,989 11,129 +12
£15,000 13,357 13,677 +12
£20,000 17,087 17,177 +8
£25,000 20,637 20,677 +3
£30,000 24,187 24,177 -1
£35,000 27,737 27,677 -5
£40,000 31,287 31,177 -9
£45,000 34,837 34,677 -13
£50,000 37,737 37,667 -6
£60,000 43,537 43,467 -6
£70,000 49,337 49,267 -6
£80,000 55,137 55,067 -6
£90,000 60,937 60,867 -6
£100,000 66,737 66,667 -6
£125,000 76,637 76,467 -14
£150,000 91,137 90,967 -14
£175,000 104,387 104,217 -14

 

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Unmarried couple, both earning

Salary

Net Income 2017/2018 Net Income 2018/2019 Monthly gain/loss 2018/2019
£10,000 11,302 11,302 +0
£15,000 14,780 14,792 +1
£20,000 19,013 19,076 +5
£25,000 22,926 23,001 +6
£30,000 26,659 26,735 +6
£35,000 30,359 30,468 +9
£40,000 33,759 33,885 +10
£45,000 37,159 37,285 +10
£50,000 40,559 40,685 +10
£60,000 47,359 47,485 +10
£70,000 53,993 54,193 +17
£80,000 60,126 60,327 +17
£90,000 66,259 66,460 +17
£100,000 72,393 72,593 +17
£125,000 87,726 87,927 +17
£150,000 102,559 102,835 +23
£175,000 113,726 114,001 +23

 

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Tables compiled by Paul Haywood-Schiefer ATT at Blick Rothenberg LLP

*Data assumes: where both members of a couple are earning, the income is split two thirds to one third; all earners work 30+ hours; no investment income received; all children under 16; tables include tax credits (working and child tax credits and child benefit where applicable; no pension contributions or gift aid payments; tables do not include blind person’s allowance; transferable allowance only available to married couples and civil partners who are not in receipt of married couple’s allowance, and only where a spouse or civil partner has not used all of their personal allowance and their partner is not a higher or additional rate taxpayer

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