|
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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