Capital Gains Tax Allowances
| Individuals, Personal Representatives, etc. |
£10,600 |
| Trusts Generally |
£5,300 |
| Chattels (5/3 taxable on excess gain proceeds) |
£6,000 |
Capital Gains Tax Rates
| Basic rate taxpayers |
18% |
| Higher and Additional rate taxpayers |
28% |
| Trusts Generally |
28% |
Business assets may be charged at 10% up to £10m per lifetime.
Income Tax Rates
| Starting rate 10% on the first £2,560 |
£0* |
| Basic rate 20% up to |
£35,000 |
| Higher Rate 40% on income between |
£35,001-£150,000 |
| Additional rate 50% on income over |
£150,000 |
| Dividends for investors below the 40% threshold are taxed at |
10% |
| Dividends for Higher Rate investors are taxed at |
32.5% |
| Dividends for Additional Rate investors are taxed at |
42.5% |
| Trusts: standard rate band generally |
£1,000 |
| Trusts: dividends |
42.5% |
| Trusts: other Income |
50% |
| * 10% on Savings Income where non-savings income is less |
Income Tax Relief
| Personal basic allowance |
£7,475 |
| Personal allowance between 65 and 74 years |
£9.940a |
| Personal allowance over 75 years |
£10,090a |
| Personal allowance will be withdrawn by £1 for every £2 of income over £100,000. |
| Blind persons allowance |
£1,980 |
| Married/civil partner allowance 75+ |
£7,295a,b |
| Married/civil partner allowance basic |
£2,800b |
| Income limit for age-related allowances |
£24,000 |
| Enterprise Investment Scheme at 30% |
£500,000c |
| Venture Capital Trust at 30% |
£200,000 |
| Rent a room tax free income |
£4,250 |
| a Reduced to basic, by £1 for every £2 over income limit |
| b Relief at 10% only |
| c Also eligible for CGT re-investment relief |
Inheritance Tax
| Nil Rate Band |
£325,000a |
| Rate of tax on excess |
40% |
| Chargeable lifetime transfers |
20% |
| Agricultural / Business relief |
100% |
| Certain other business assets |
50% |
| a Unused nil rate band percentage transferable between spouses |
Exempt Gifts
| Small gifts per donee |
£250 |
| Annual per donor |
£3,000 |
| Parental gift on marriage |
£5,000 |
| Grandparent gift on marriage |
£2,500 |
| Other marriage gifts |
£1,000 |
ISAs
| Overall Contribution Limit |
£10,680 |
| Cash Limit |
£5,340 |
| Stocks & Shares (reduced by amount subscribed to cash ISA) |
£10,680* |
| Junior ISAs: Maximum £3,000 p.a. for those under 18 and who do not have a Child Trust Fund. Available from November 2011. |
NOTE: Reduced by amount subscribed to Cash ISA.
Motoring
Car Benefit
Generally a percentage (ranging from 0-35%) of the manufacturers list price depending on carbon dioxide emissions.
- 5% of List Price if emissions <= 75g/km
- 10% of List Price if emissions 76g/km to 120g/km
- 15% of List Price if emissions 121g/km to 129g/km rising 1% per 5g/km
- Maximum is 35% of list price where emissions => 225g/km
- For diesel engines add 3% (to a maximum of 35%)
Details including rates for cars without an official CO2 emission rate are available at www.hmrc.gov.uk
Car Fuel Benefit
Like car benefit the fuel charge also now depends on Carbon Dioxide emissions, rather than on engine size. The same percentage applies, but to a set figure which for 2010/2011 is £18,000.
Click here for more details on fuel benefit
| Tax-Free Mileage Allowance |
| Cars & Vans - Up to 10,000 business miles |
45p per mile |
| Cars & Vans - Over 10,000 business miles |
25p per mile |
| Motorcycles |
24p per mile |
| Bicycles |
20p per mile |
NI Contributions
Class 1 - Employed
|
Contracted In |
Contracted Out |
| Employees |
| First £139 per week |
0% |
0% |
| Next £678 per week |
12% |
10.4% |
| Above £817 per week |
2% |
2% |
| Employers - employee not contracted out |
| First £136 per week |
0% |
|
| Above £136 per week |
13.8% |
|
| Employers - employee contracted out |
| First £102 per week |
|
0% |
| Next £668 per week |
|
10.1%* |
| Above £770 per week |
|
13.8% |
| * for salary related schemes only. For Money Purchase Schemes the rate is 12.4% (£102 to £770 p.w.). 13.8% (over £770 p.w.) |
| NB Some new businesses in certain areas may qualify for reduced employer NI contributions |
Class II - Self Employed
£2.50 per week. Exemption available if net earnings are £5,315 or less.
Class III - Voluntary
£12.60 per week.
Class IV - Self Employed
9% of net profits between £7,225 and £42,475. 1% on profits above £42,475
Pensions / Annuities
| Lifetime Allowance* |
£1,800,000 |
| Lifetime Allowance charge |
55% if excess is drawn as cash |
|
25% if excess is drawn as income |
| Annual Allowance* |
£50,000 |
| Maximum relievable personal contribution |
100% of relevant UK earnings or £3,600 if greater** |
* In some circumstances, carry forward may also be allowed from the previous three tax years.
Social Security
| Basic State Pension |
| Single Person |
£102.15 per week |
| Couple |
£163.35 per week |
| Pension Credit |
| Single Person |
£137.35 per week |
| Couple |
£209.70 per week |
| Child Benefit |
| Single Person |
£20.30 per week |
| Couple |
£13.40 per week |
| Child Trust Fund |
| Initial endowment and at age 7 |
£250 |
| Low income families |
£500 |
| Contributions from family & friends up to |
£1,200 p.a. |
Stamp Duty
| Stocks and marketable securities |
0.5% |
| Land is charges on full price (Residential rates only): |
|
| Price is £125,000 or less |
Nil* |
| Price over £125,000 and up to £250,000 |
1% |
| Price over £250,000 and up to £500,000 |
3% |
| Price over £500,000 |
4% |
|
* £250,000 threshold for first time buyers until 25/03/2012 and £150,000 threshold for property in disadvantaged areas.
|
VAT
| Standard Rate |
20% |
| Reduced Rate, eg on domestic fuel |
5% |
| Registration Limit |
£73,000 |