Tax Tables - 2011 / 2012

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.

Corporation Tax

Below £300,000 20%
£300,001 to £1,500,000 27.5%
over £1.5 million 26%

Click here for more details on Corporation Tax (HMRC Site)

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Personal allowance will be withdrawn by £1 for every £2 of income over £100,000.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
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