НАЛОГИ 2010/2011

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Income Tax Rates

Rate on taxable income

Band, £(GBP)

Rate,%

Starting savings rate   0 - £2,440   10*

Basic rate

  Up to £37,400

  20

 

Higher rate

 Over £37,400 - £150,000

  40

 

Additional rate  over £150,000   50

* Starting savings rate is available for savings income only. In case non savings taxable income increases starting rate limit then the starting savings rate is not available.

 

Allowances and Reliefs

 

£ (GBP)

Personal allowance (under 65 age)

6,475

Income limit for personal allowance for under 65 age

100,000

Personal allowance aged 65-74 

9,490

Personal allowance aged 75 and over 

9,640

Married couple's allowance

aged 75 and over 

6,965

Income Limit for age related allowance

aged 65-75

22,900

aged 75 and over

22,900

* Personal allowance is to increase to £7,475 from April 2011.

Corporation Tax

 

Taxable profit £ (GBP)s

1 - 300,000

21%

300,001 - 1,500,000

Marginal rate applies with the relief fraction of 7/400

Over 1,500,001

28%

Special rate for unit trusts and open ended investment companies 20%

* From 1st April 2011, the corporation tax rate will be reduced from 28% to 27%. In the next year on 1st April 2012, the rate further reduces to 26%, on April 2013 it becomes 25% and finally on 1 April 2014 it goes to 24%. On the other hand for small companies the corporation tax rate becomes 20% from 1st April 2011.

Capital Allowances

 

 

Annual investment allowance on new purchase of plant and machinery

£100,000

First year allowance for business expenditure on new zero emission vehicles

100%

 

 

Writing-down allowances

%

integral features

10

Long Life plant & machinery 

10

Other plant and machinery

20

Industrial/agricultural buildings

1

* From April 2012, for the main pool of plant and machinery, the writing down allowance rate will be reduced from 20% to 18% and for the special pool the rate changes from 10% to 8%.
 Annual Investment allowance reduces from £100,000 to £25,000 from 1st April 2012. And for new zero emission goods vehicles, the 100% first year allowance is introduced which is applicable for the five year from April 2010.

Capital Gains Tax

Rates (Standard) 

18%

Rate (UK trusts) 

18%

Entrepreneurs’ relief – effective rate

10%

Individual annual exemption 

£10,100

Trusts annual exemption 

£5,050

Chattels Exemption:

 

Proceeds per item or set

£6,000

Marginal relief

5/3 excess over 6,000

* For low and middle income earners, the capital gains tax is 18% but for the higher income tax rates, the CGT will become 28% in the future. However, the annual allowance of £10,100 is also present for all the capital gains.

Car Benefits

Petrol and diesel cars with approved CO2 emissions 

CO2 emissions (gms/km) 

Petrol % 

Diesel %

1 to 75  5  8

76 to 120 

10

13

121 to 134

15

18

136 to 139

16

19

140 to 144

17

20

145 to 149 18 21

Tax charge increases by 1% per each additional 5 gms/km until: 

210 to 214

31

34

215 to 219

32

35

220 to 224

33

35

225 to 229

34

35

230 and over

35

35

 

 

 

Car Fuel benefits (not electric cars)  

 

 

Same % used to calculated the car benefits 

£(GBP) 18,000 

 

 

 

Approved mileage rates (employee’s own vehicle) 

 

 

Rate per mile 

 

 

Car or van: First 10,000 miles 

40p

Car or van: over 10,000 miles 

25p

Motorcycle 

24p

Bicycles 

20p

Additional passenger payment 

5p

 

Enterprise investment scheme (EIS)

Qualifying investments of up to 

£ 500,000

Income tax relief

20%

Capital gains deferral relief is also available

 

Venture capital trusts (VCTs)

Investment qualifying for income tax relief

£ 200,000

Rate of income tax relief for investors

30% 

 

Individual Savings Accounts (ISAs)

Max annual contributions – up to £10,200 in total, but invest no more than £5,100 in cash

 


*for 50 years age and over these rules apply from on or after 06 october 2009 and for everyone else from April 2010

 

VAT

Standard Rate (from 4 January 2011)

20%

Annual Turnover Limits

 

Registration - last 12 months or over next 30 days

£ 70,000

Deregistration - under next 12 months

£ 68,000

* From 4 January 2011, the main VAT rised from 17.5% to 20%. 

National Insurance Contributions

Weekly earnings £(GBP)

Not contracted out

Contracted out 

 

Class I (employment) Employee’s rate

97 to 110

Nil

Nil 

 

1110.01 to 770

11%

9.4%

 

770.01 to 844 11% 11%  

Earnings over 844 

1%

1%

 

Employer’s rates  

 

Contracted out salary related schemes 

Contracted out money purchase schemes 

97 to 110

Nil

Nil

Nil

110.01 to 770

12.8%

9.1%

11.4

Earnings over 770

12.8% 

12.8

12.8

 

National Minimum Wage

 

From October 2010 changes from

Workers 

per hour 

21 years + 

£ (GBP) 5.80 to 5.93 

18-20 years 

£ (GBP) 4.83. to 4.92

16-17 years 

£ (GBP) 3.57 to 3.64 

 

Personal Pensions

  Maximum annual contribution into registered pension from employee and employer both together is capped at £ 225,000/ Maximum amount on which individual can claim relief in any tax year is £3,600. 

In case total pension input increases the annual allowance of £255,000 then a tax charge at 40% on excess will be applicable. In the year of full pension benefit, this limit will not apply. 

 

Maximum age for tax relief 

74

Minimum age for taking benefits 

55

 

Lifetime allowance charge:

 

 

On Lump sum paid 

55%

 

On monies retained 

25%

 

If cumulative benefits exceeding 

£1,800,000*

 

Maximum tax free lump sum 

25%*

 

*Subject to excess amount in the transitional protection

 

 

Stamp Duty

Residential 

 

NB: From 25th March 2010 all qualifying first-time buyers of residential property with value of upto £ 250.000 are exempt from the stamp duty!

£125,000 or less 

Nil*

£125,001-250,000 

1%**

£250,001-500,000 

3%

Over £500,000 

4%

Over £1,000,000 from 6 April 2011 5%

Non-residential

 

£150,000 or less  - annual rent less than 1,000

Nil

 £150,000 or less  - annual rent 1,000 or more 1%

£150,001 – 250,000 

1%

£250,001-500,000 

3%

Over £500,000

4%


*£150,000 for property in disavantaged area
 **Nil until £250,000 for first time residential buyers. 


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