Tax Rates and Allowances
|
2007-08 (£) |
2008-09 (£) |
Increase (£) |
| INCOME TAX ALLOWANCES: |
| Personal allowance |
5,225 |
6,035 |
+210 |
| CAPITAL GAINS TAX ANNUAL EXEMPT AMOUNT: |
| Individuals etc: |
9,200 |
9,600 |
+400 |
| Other trustees: |
4,600 |
4,800 |
+200 |
| Inheritance tax threshold |
300,000 |
312,000 |
+12,000 |
| PENSIONS SCHEMES: |
| Annual allowance: |
£225,000 |
£235,000 |
+10,000 |
| Lifetime allowance: |
1,600,000 |
1,650,000 |
+50,000 |
Taxable Bands
| Taxable bands 2007-08 (£) |
Taxable bands 2008-09 (£) |
| Starting rate 10% |
0 - 2,230 |
- |
- |
| Basic rate 22% |
2,231 - 34,600 |
Basic rate 20% |
0 - 34,800 |
| Higher rate 40% |
Over 34,600 |
Higher rate 40% |
Over 34,800 |
Corporation Tax Rates
| Band |
Corporation tax profits 2007-08 (£) |
Corporation tax profits 2008-09 (£) |
| 0 - 300,000 |
20% |
21% |
| 300,001 - 1,500,000 |
Marginal relief |
Marginal relief |
| 1,500,001 or more |
30% |
28% |
* The Small companies rate rose to 21% in April 2008, and will then rise to 22% in April 2009.
REV2: National Insurance Rates
|
2007-08 |
2008-09 |
| Primary threshold |
£100 per week |
£105 per week |
| Secondary threshold |
£100 per week |
£105 per week |
| Employees’ primary class 1 rate on earnings between primary threshold and upper earnings limit |
11% of £100.01 to £670 per week 1% above £670 per week |
11% of £105.01 to £770 per week 1% above £770 per week |
| Employers’ secondary Class 1 rate |
12.8% on earnings above £100 per week |
12.8% on earnings above £105 per week |
| Class 4 rate |
8% of £5,225 to £34,840 per year 1% above £34,840 per year |
8% of £5,435 to £40,040 per year 1% above £40,040 per year |
| Class 4 lower profits limit |
£5,225 per year |
£5,435 |
| Class 4 upper profits limit |
£34,840 per year |
£40,040 |
For further rates and allowances and historic tables see HMRC.