|
Income Tax Rates
|
Rate on taxable income
|
Band, £(GBP)
|
Rate,%
|
| Starting savings rate |
0 - £2,560 |
10* |
|
Basic rate
|
Up to £35,000
|
20
|
|
Higher rate
|
£35,001 - £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)
|
7,475
|
|
Income limit for personal allowance for under 65 age
|
100,000 |
|
Personal allowance aged 65-74
|
9,940
|
|
Personal allowance aged 75 and over
|
10,090
|
|
Married couple's allowance aged 75 and over
|
7,295
|
|
Married couple's allowance minimal amount
|
2,800
|
|
Income Limit for age related allowance
|
|
aged 65-75
|
24,000
|
|
aged 75 and over
|
24,000
|
|
|
Individual Savings Accounts (ISAs)
|
Maximum annual contributions – Total overall annual investment limit £10,680
|
|
|
Comprising - Cash up to £5,340 max
- Balance in stock and shares £10,680 max
|
|
|
National Insurance Contributions
|
Weekly earnings £(GBP)
|
Not contracted out
|
|
Class I (employment) Employee’s rate
|
|
Up to 139
|
Nil
|
|
139.01 to 817
|
12%
|
| Earnings over 817 |
2% |
|
Employer’s rates
|
|
|
Up to 136
|
Nil
|
|
Above 136
|
13.8%
|
|
Class 2
Annual small earning exception is £5,315
Class 2 rate per week is £2.50
|
|
|
Class 3
Voluntary contribution per week rate is £12.6
|
|
|
Class 4
Lower annual earnings limit is £7,225
Upper annual earnings limit is £42,475
Class 4 rate Between lower and upper earnings limit is 9%
Class 4 rate above upper earning limit is 2%
|
|
|
|
Corporation Tax (per emergency June budget 2010)
|
Taxable profit £ (GBP)s
|
|
Small businesses
|
20%
|
| Large businesses |
27% |
|
|
Capital Gains Tax (per emergency June budget 2010)
|
Higher rates taxpayers
|
28%
|
|
Basic rates taxpayers
|
18%
|
|
Individual annual exemption
|
£10,100
|
|
