Taxable Bands, Rates and Allowances

Income tax: taxable bands and rates 2012/2013

Taxable incomerate of tax
0 - £2,71010 per cent (starting rate for savings only)
0 - £34,37020 per cent (basic rate)
£34,371 - £150,00040 per cent (higher rate)
Over £150,00050 per cent (additional rate)



Earlier Years


Tax year 2011/2012

Taxable incomerate of tax
0 - £2,56010 per cent (starting rate for savings only)
0 - £35,00020 per cent (basic rate)
£35,001 - £150,00040 per cent (higher rate)
Over £150,00050 per cent (additional rate)


Tax year 2010/2011

Taxable incomerate of tax
0 - £2,44010 per cent (starting rate for savings only)
0 - £37,40020 per cent (basic rate)
£37,401 - £150,00040 per cent (higher rate)
Over £150,00050 per cent (additional rate)


Tax year 2009/2010

Taxable incomerate of tax
0 - £2,44010 per cent (starting rate for savings)
0 - £37,40020 per cent (basic rate)
Over £37,40040 per cent (higher rate)


Tax year 2008/2009

Taxable incomerate of tax
0 - £2,320 10 per cent (starting rate for savings)
0 - £34,80020 per cent (basic rate)
Over £34,80040 per cent (higher rate)
From 6 April 2008, the starting rate of 10 per cent was abolished for non-savings income.

Tax year 2007/2008

Taxable incomerate of tax
0 - £2,23010 per cent
£2,231 - £34,60022 per cent
Over £34,60040 per cent


Tax year 2006/2007

Taxable incomerate of tax
0 - £2,15010 per cent
£2,151 - £33,30022 per cent
Over £33,30040 per cent

Here are the perosnal allaowances that can be set against income:

Income tax allowances 2011/2012 2012/2013 2013/2014
Personal allowance1 (under 65) £7,475 £8,105 £9,205
Age-related allowance (65-74)2 £9,940 £10,500 £10,500
Age-related allowance (75 and over)3 £10,090 £10,660 £10,660
Income limit for age-related allowances £24,000 £25,400 N/A
Married couples allowance (age 75 or over) £7,295 £7,705 TBA
Married couples allowance - minimum amount £2,800 £2,960 TBA
Blind person's allowance £1,980 £2,100 TBA

1 For those earning over £100K, the personal allowance is reduced by £1 for every £2 earned so that those earning over £116,210 in 2012/2013 (£114,950 in 2011/2012 and £118,410 in 2013/2014) have their personal allowance completely removed. In 2013/14, the amount of the personal allowance will be determined by date of birth rather than age. For those born after 5 April 1948, the limit of £100K applies as before. The limit for those born before 6 April 1948 is yet to be announced.
2 For the tax year 2013/14, this allowance applies for those born after 5 April 1938 but before 6 April 1948.
3 For the tax year 2013/14, this allowance applies for those born before 6 April 1938.

NICs 2011/2012 2012/2013
Employees' primary Class 1 rate 12% 12%
Employees' primary Class 1 rate above Upper Earnings Limit 2% 2%
Employers' secondary Class 1 rate above Secondary Threshold 13.8%
13.8%


Capital gains tax 2011/2012 2012/2013
Rates:
Basic 18% 18%
Higher 28% 28%
Entrepreneurs' relief 10% 10%
Annual exempt amounts:

Individuals £10,600 £10,600
Trustees £5,300 £5,300
Entrepreneurs' relief: lifetime allowance £10m £10m


Inheritance tax 2011/2012 2012/2013
Nil rate band £325,000 £325,000
Rate of tax on death on excess 40% 40%



Corporation tax 2011/2012 2012/2013
Small companies rate - for companies with ring fenced profits not exceeding £300,000 19% 19%
Small companies rate - for companies with profits (other than ring fenced profits) not exceeding £300,000 20% 20%
Marginal relief for companies with ring fenced profits between £300,000 - £1.5m Marginal relief fraction 11/400 Marginal relief fraction 11/400
Marginal relief for companies with profits (other than ring fenced profits) between £300,000 - £1.5m Marginal relief fraction 3/200 Marginal relief fraction 1/100
Main rate - for companies with ring fenced profits of £1.5m or more 30% on whole of profits 30% on whole of profits
Main rate - for companies with profits of £1.5m or more which are not ring fenced profits 26% on whole of  profits 24% on whole of  profits

Value Added Tax 2011/2012 2012/2013
Standard rate 20% 20%