| |
Income Tax
Capital
Gains Tax
Corporation Tax
National Insurance
Tax Credits
For various other rates and
allowances visit:-
http://www.hmrc.gov.uk/rates/index.htm
|
Income Tax
|
| |
| Tax free
allowances |
|
09/10 |
10/11 |
11/12 |
|
£ |
£ |
£ |
| Personal |
6,475 |
*6,475 |
*7,475 |
| Age: 65-74 |
9,490 |
9,490 |
9,940 |
| Age: 75 and over |
9,640 |
9,640 |
10,090 |
| Income
limit for age related allowances |
22,900 |
22,900 |
24,000 |
* From the
2010-11 tax year the Personal Allowance reduces
where the
income is above £100,000–by £1 for every £2 of
income above the limit until the Personal Allowance
is reduced to nil.
| Rate on
taxable income |
|
09/10 |
10/11 |
11/12 |
|
band |
rate |
band |
rate |
band |
rate |
|
£ |
% |
£ |
% |
£ |
% |
| *Savings rate
(SR) on first |
2,440 |
10 |
2,440 |
10 |
2,560 |
10 |
| Basic rate
(BR) up to |
37,400 |
20 |
37,400 |
20 |
35,000 |
20 |
| Higher rate
(HR) above |
37,400 |
40 |
37,400 |
40 |
35,000 |
40 |
|
Addnl rate (AR) on over |
n/a |
|
150,000 |
50 |
150,000 |
50 |
* From 2008-09 there is a 10 per cent
starting rate for savings income only.
If your non-savings income is above this
limit then the 10 per cent starting rate
for savings will not apply.
|
Allowances available at 10% |
|
09/10 |
10/11 |
11/12 |
|
£ |
£ |
£ |
| Married couple's
allowance (MCA) |
|
|
|
| - age 75 and over |
6,965 |
6,965 |
7,295 |
These allowances reduce where the income is above
the income limit – by £1 for every £2 of income
above the limit. However they will never be less
than the basic Personal Allowance or minimum amount
of Married Couple’s Allowance.
|
Annual Exemption (AE) |
|
09/10 |
10/11 |
11/12 |
|
Individuals |
£10,100 |
£10,100 |
£10,600 |
| Trustees |
£5,050 |
£5,050
|
£5,300 |
|
Standard Rate |
18% |
18% |
18% |
|
Higher Rate from 23/6/10 |
n/a |
28% |
28% |
|
Entrepreneur Rate from 23/6/10 * |
n/a |
10% |
10% |
* Entrepreneur's relief fraction up to
22/6/10 = 4/9. |
|
|
Back to top |
|
Corporation Tax |
| Rates |
|
|
|
| Year Ended 31st March |
2010 |
2011 |
2012 |
| Main rate - profits over
£1.5million |
28% |
28% |
26% |
| Small company rate -
up to £300,000 |
21% |
21% |
20% |
| Marginal rate between two
bands |
29.75% |
29.75% |
27.5% |
|
|
Back to top |
|
National
Insurance Contributions |
| |
Class 1
Employment |
09/10 |
10/11 |
11/12 |
| Lower
earnings limit |
pw |
£95 |
£97 |
£102 |
| pa |
£4,940 |
£5,044 |
£5,304 |
| Upper
earnings limit (UEL) |
pw |
£844 |
£844 |
£817 |
| pa |
£43,875 |
£43,875 |
£42,475 |
|
Primary threshold (employee) |
pw |
£110 |
£110 |
£139 |
| pa |
£5,720 |
£5,720 |
£7,228 |
|
Secondary threshold (employer) |
pw |
£110 |
£110 |
£136 |
| pa |
£5,720 |
£5,720 |
£7,072 |
|
Employees' Class 1
rate between primary threshold and UEL |
|
11% |
11% |
12% |
|
Employees' Class 1
rate above UEL |
|
1%
|
1% |
2% |
|
Employers' secondary Class 1
rate above secondary threshold |
|
12.8% |
12.8% |
13.8% |
|
Class 2
rate
|
pw
|
£2.40 |
£2.40 |
£2.50 |
|
Class 2
small earnings exception
|
pa
|
£5,075 |
£5,075 |
£5,315 |
|
Special
Class 2 rate for share fishermen
|
pw
|
£3.05 |
£3.05 |
£3.15 |
|
Special
Class 2 rate for volunteer development
workers
|
pw
|
£4.75 |
£4.75 |
£5.10 |
|
Class 3
rate
|
pw
|
£12.05 |
£12.05 |
£12.60 |
|
Class 4
lower profits limit
|
pa
|
£5,715 |
£5,715 |
£7,225 |
|
Class 4
upper profits limit
|
pa
|
£43,875 |
£43,875 |
£42,475 |
|
Class 4
rate between lower profits limit and
upper profits limit
|
|
8%
|
8% |
9% |
|
Class 4
rate above upper profits limit
|
|
1%
|
1% |
2% |
Back to top
|
Tax Credits |
| |
| Working Tax Credit - £ per year (unless
stated) |
|
|
Rates and
Thresholds
|
09-10 |
10-11 |
11-12 |
|
Basic element
|
£1,890 |
£1,920 |
£1,920 |
|
Couple and lone
parent element
|
£1,860 |
£1,890 |
£1,950 |
|
30 hour element
|
£775 |
£790 |
£790 |
|
Disabled worker
element
|
£2,530 |
£2,570 |
£2,650 |
|
Severe disability
element
|
£1,075 |
£1,095 |
£1,130 |
|
50+ Return to
work payment (16-29 hours)
|
£1,300 |
£1,320 |
£1,365 |
|
50+ Return to
work payment (30+ hours)
|
£1,935 |
£1,965 |
£2,030 |
| |
| Child Tax Credit - £ per year
(unless stated) |
|
Rates and
Thresholds
|
09-10 |
10-11 |
11-12 |
|
Maximum eligible
cost for one child
|
£175/wk |
£175/wk |
£175/wk |
|
Maximum eligible
cost for two or more children
|
£300/wk |
£300/wk |
£300/wk |
|
Percentage of
eligible costs covered
|
80% |
80% |
70% |
|
Child Tax Credit
Family element
|
£545 |
£545 |
£545 |
|
Family element,
baby addition
|
£545 |
£545 |
n/a |
|
Child element
|
£2,235 |
£2,300 |
£2,555 |
|
Disabled child
element
|
£2,670 |
£2,715 |
£2,800 |
|
Severely disabled
child element
|
£1,075 |
£1,095 |
£1,130 |
| |
| Income thresholds and
withdrawal rates - £ per year (unless stated)
|
|
Rates and
Thresholds
|
09-10
|
10-11
|
11/12 |
|
First income
threshold
|
£6,420 |
£6,420 |
£6,420 |
|
First withdrawal
rate (per cent)
|
39% |
39% |
41% |
|
Second income
threshold
|
£50,000 |
£50,000 |
£40,000 |
|
Second withdrawal
rate (per cent)
|
6.67% |
6.67% |
41% |
|
First threshold
for those entitled to Child Tax Credit only
|
£16,040 |
£16,190 |
£15,860 |
|
Income disregard
|
£25,000 |
£25,000 |
£10,000 |
Back to top
|
 |
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Information: |
| |
|
Budget and Pre Budget reports.
New Capital Gains tax
rules.
CIS scheme.
New HMRC penalty
changes.
Compulsory VAT
online filing from April 2010.
More Info
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