HMRC Is Shite: Taxable Bands, Rates and Allowances

Income tax: taxable bands and rates 2012/2013

Taxable income	rate of tax
0 - £2,710	10 per cent (starting rate for savings only)
0 - £34,370	20 per cent (basic rate)
£34,371 - £150,000	40 per cent (higher rate)
Over £150,000	50 per cent (additional rate)

Earlier Years

Tax year 2011/2012

Taxable income	rate of tax
0 - £2,560	10 per cent (starting rate for savings only)
0 - £35,000	20 per cent (basic rate)
£35,001 - £150,000	40 per cent (higher rate)
Over £150,000	50 per cent (additional rate)

Tax year 2010/2011

Taxable income	rate of tax
0 - £2,440	10 per cent (starting rate for savings only)
0 - £37,400	20 per cent (basic rate)
£37,401 - £150,000	40 per cent (higher rate)
Over £150,000	50 per cent (additional rate)

Tax year 2009/2010

Taxable income	rate of tax
0 - £2,440	10 per cent (starting rate for savings)
0 - £37,400	20 per cent (basic rate)
Over £37,400	40 per cent (higher rate)

Tax year 2008/2009

Taxable income	rate of tax
0 - £2,320	10 per cent (starting rate for savings)
0 - £34,800	20 per cent (basic rate)
Over £34,800	40 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 income	rate of tax
0 - £2,230	10 per cent
£2,231 - £34,600	22 per cent
Over £34,600	40 per cent

Tax year 2006/2007

Taxable income	rate of tax
0 - £2,150	10 per cent
£2,151 - £33,300	22 per cent
Over £33,300	40 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%