Tax Tables - 2010 / 2011

Capital Gains Tax Allowances

Individuals, Personal Representatives, etc. £10,100
Trusts Generally £5,050
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%*

* With effect from 23 June 2010. (18% before then).

Business assets may be charged at 10% up to £5m per lifetime.

Corporation Tax

Below £300,000 21%
£300,001 to £1,500,000 Marginal Relief
over £1.5 million 28%

Click here for more details on Marginal Relief (HMRC Site)

Income Tax Rates

Starting rate 10% on the first £2,440 £0*
Basic rate 20% up to £37,400
Higher Rate 40% on income between £37,401-£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% Savings Income up to £2,440 (where non-savings income is less)

Income Tax Relief

Personal basic allowance £6,475
Personal allowance between 65 and 74 years £9.490a
Personal allowance over 75 years £9,640a
From April 2010 the personal allowance will be withdrawn by £1 for every £2 of income over £100,000.
Blind persons allowance £1,890
Married/civil partner allowance 75+ £6,965a,b
Married/civil partner allowance basic £2,670b
Income limit for age-related allowances £22,900
Enterprise Investment Scheme at 20% £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 £10,200
Cash Limit £5,100
Stocks & Shares (reduced by amount subscribed to cash ISA) £10,200*

NOTE: Reduced by amount subscribed to Cash ISA.

Motoring

Car Benefit

Generally a percentage (ranging from 10% to 35%) of the manufacturers list price depending on carbon dioxide emissions.

  • 10% of List Price if emissions <= 120g/km
  • 15% of List Price if emissions 121g/km to 130g/km
  • Maximum is 35% of list price where emissions => 230g/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 40p 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 £110 per week 0% 0%
Next £734 per week 11% 9.4%
Above £844 per week 1% 1%
Employers - employee not contracted out
First £110 per week 0%
Above £110 per week 12.8%
Employers - employee contracted out
First £110 per week 0%
Next £660 per week 9.1%*
Above £770 per week 12.8%
* for salary related schemes only. For Money Purchase Schemes the rate is 11.4% (£110.01 to £770 p.w.). 12.8% (over £770 p.w.)
NB Some new businesses in certain areas may qualify for reduced employer NI contributions

Class II - Self Employed

£2.40 per week. Exemption available if net earnings are £5,057 or less.

Class III - Voluntary

£12.05 per week.

Class IV - Self Employed

8% of net profits between £5,715 and £43,875. 1% on profits above £43,875

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 £255,000
Maximum relievable personal contribution 100% of relevant UK earnings or £3,600 if greater**

* Potentially subject to transitional protection for excess amount.

** If earnings are in excess of £130,000, then higher rate tax relief may be restricted depending on circumstances.

Social Security

Basic State Pension
Single Person £97.65 per week
Couple £156.15 per week
Pension Credit
Single Person £132.60 per week
Couple £202.40 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 17.5%*
Reduced Rate, eg on domestic fuel 5%
Registration Limit £70,000
* 20% from 4 January 2011.
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