НАЛОГИ 2013/2014

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Income Tax Rates

Rate on taxable income

Band, £(GBP)

Rate,%

Starting savings rate  0 - £2,790   10*

Basic rate

 Up to £32,010

  20**

Higher rate

 £32,011 - £150,000

  40***
Additional rate  over £150,000   45****

* Starting savings rate is available for savings income only. The rate 10% is not available if taxable non-savings income exceeds £2,790.
** except dividends (10%)
*** except dividends (32.5%)
**** except dividends (37.5%)

Allowances and Reliefs

 

£ (GBP)

Personal allowance for people born after 5 April 1948

9,440

Income limit for personal allowance (born after 5 April 1948)

100,000

Personal allowance for people born between 6 April 1938 and 5 April 1948 

10,500

Personal allowance for people born before 6 April 1938 

10,660

Married couple's allowance

Married couple's allowance aged 75 and over 

7,915

Married couple's allowance minimum amount 

3,040

Income Limit for personal allowances (born before 6 April 1948) 

26,100

Blind person's allowance

2,160 

Corporation Tax

Taxable profit £ (GBP)s

Small businesses (0 - 300,000)

20%

300,001 - 1,500,000

3/400 fraction

Main rate for businesses (over 1,500,000)

23%

Capital Allowances

 

 

Annual investment allowance on new purchase of plant and machinery  (increase for two years from 01/01/2013)

£250,000

First year allowance for business expenditure on new low rate (110g/km) emission vehicles

100%

 

 

Writing-down allowances

%

Integral features

8

Long Life assets

8

Other plant and machinery

18

Industrial/agricultural buildings

Nil

Vehicles with emissions between 110g/km and 160g/km

18

Vehicles with emissions over 160g/km

8

Capital Gains Tax

Higher rate taxpayers 

  28%

Standard rate taxpayers 

  18%

Rates for trustees and personal representatives

  28%

Individual annual exemption 

       £10,900

Trusts annual exemption 

         £5,450

Entrepreneurs’ relief life time limit

        £10,000,000

Entreprenuers' rate

   10%

Individual Savings Accounts (ISAs)

Max annual contributions – Total overall annual investment limit 

   £11,520

Comprising - Cash up to £5,760 max, Balance in stock and shares £5,760 max

 

VAT

Standard Rate

20%

Lower Rate

5%

Zero Rate

0%

Annual Turnover Limits for registration - last 12 months or if turnover is going to exceed within the next 30 days

£ 79,000

Annual Turnover Limits for de-registration

£ 77,000

National Insurance Contributions

Weekly earnings £(GBP)

Not contracted out

Class I (employment) Employee’s rate


Up to 149 

   Nil

149.01 to 797  12%

Earnings over 797

  2%

Employer’s rates  

 

Up to 148

   Nil

Above 148           13.8%

Class 2

Annual small earning exception is £5,725 per year
Class 2 rate per week is
£2.70


Class 4

Lower annual earnings limit is £7,755 

Upper annual earnings limit is £41,450
Class 4 rate between lower and upper earnings limit is 9%
Class 4 rate above upper earnings limit is 2%


Stamp Duty

Residential 

 

£125,000 or less

      Nil (*a)

£125,001-250,000 

      1% (*a)

£250,001-500,000 

       3%

£500,001-1,000,000 

       4%

£1,000,001-2,000,000        5%
Over £2,000,000        7%
Over £2,000,000 purchased by companies**       15%

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%

Shares and Securities

       Standard rate - 0.5%, higher rate - 1.5%


* (a) £150,000 for property in disavantaged area

**Budget 2012 also announced a 15 per cent rate charge of stamp duty land tax on certain non-natural persons enveloping a residential property where the consideration given exceeds £2million. Where the interest/property with a consideration in excess of £2 million is purchased in sole or joint names then a 15 per cent rate SDLT charge will apply to the following:

• all such purchases by bodies corporate (largely companies);
• all collective investment schemes; and
• all partnerships where there are one or more members are one of the above.


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