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% |