UK Tax Rates
Whitings' commentary on recent Budgets:
Spring 2011 | Summer
2010 | Spring 2010
| Autumn
2009
| |
2012/13 |
2011/12 |
2010/11 |
|
Income
Tax Allowances |
(next tax year) |
(this tax year) |
(last tax year) |
|
Personal Allowances: |
|
|
|
|
- aged under 65 |
8,105 |
7,475 |
6,475 |
|
- aged 65 - 74 |
tba |
9,940 |
9,490 |
|
- aged over 74 |
tba |
10,090 |
9,640 |
|
Married Couples Allowance: |
|
|
|
- 75 and over |
tba |
7,295 |
|
Investment Limits: |
|
|
|
- VCT |
tba |
200,000 |
200,000 |
- EIS |
1,000,000 |
500,000 |
500,000 |
| Income
Tax Rates |
(next tax year) |
(this tax year) |
(last tax year) |
| Basic rate
(20%) |
0-34,370 |
0-35,000 |
0-37,400 |
| Higher rate
(40%) |
tba |
35,001 - 150,000 |
37,401 - 150,000 |
| Additional higher rate (50%) |
tba |
over 150,000 |
over 150,000 |
|
National
Insurance |
(next tax year) |
(this tax year) |
(last tax year) |
| Class 1 Lower Earnings
Threshold |
tba |
5,304
|
5,044
|
| Earnings
Threshold |
tba |
7,225
|
5,715
|
| Employees Upper Earnings
Limit |
tba |
42,475 |
43,875 |
| Main Rates: |
|
|
|
| - Employers NIC |
tba |
13.8% |
12.8% |
| - Employees NIC: |
|
|
|
| - between
ET and UEL |
tba |
12% |
11% |
| - above UEL |
tba |
2% |
1% |
| Class 2: |
|
|
|
| - Small Earnings
Exception |
tba |
5,315 |
5,075 |
| - Weekly
Contribution |
tba |
2.50 |
2.40 |
| Class 4: |
|
|
|
| - Annual Lower Earnings
Limit |
tba |
7,225 |
5,715 |
| - Annual Upper Earnings
Limit |
tba |
42,475 |
43,875 |
| - Rate between LEL and
UEL |
tba |
9% |
8% |
| - Rate above UEL |
tba |
2% |
1% |
| Value
Added Tax |
(next tax year) |
(this tax year) |
(last tax year) |
| Standard Rate |
tba |
20% |
17.5% & 20% |
| Registration
Limit |
tba |
|
70,000 |
| Capital
Gains Tax |
(next tax year) |
(this tax year) |
(last tax year) |
| Annual Exemption |
tba |
10,600 |
10,100 |
Tax Rate |
tba |
18%/28% |
18%/28% |
|
Corporation
Tax |
(next tax year) |
(this tax year) |
(last tax year) |
| Profits under
£300,000 |
tba |
20% |
21% |
| Profits of
£300,001 - £1,500,000 |
tba |
27.5% |
29.75% |
| Profits over
£1,500,000 |
25% |
26% |
28% |
|
Inheritance
Tax |
(next tax year) |
(this tax year) |
(last tax year) |
| Nil Rate
Band |
325,000 |
325,000 |
325000 |
Tax Rate |
tba |
40% |
40% |
Annual Exempt Gifts |
tba |
3,000 |
3,000 |
Small Gifts
Exemption |
tba |
250 |
250 |
|
The UK
intestacy rules, for individuals that die without
a Will. |
|
Advisory
Fuel Rates |
(next tax year) |
(this tax year) |
(last tax year) |
Cars and Vans: |
|
|
|
- First 10,000
miles |
tba |
45p |
40p |
- Excess |
tba |
25p |
25p |
Motorcycles |
tba |
24p |
24p |
Bicycles |
tba |
20p |
20p |
| National Minimum Wage Rates |
| Non-Taxable Subsistence Reimbursements |
|
