UK Tax Tables 2012/2013

Tax Rates and Allowances

2011-12 (£) 2012-13 (£) Increase (£)
INCOME TAX ALLOWANCES:
Personal allowance 7,475 8,105 +630
CAPITAL GAINS TAX ANNUAL EXEMPT AMOUNT:
Individuals etc: 10,600 10,600 +0
Inheritance tax threshold 325,000 325,000 -
PENSIONS SCHEMES:
Annual allowance: £50,000 £50,000 -
Lifetime allowance: 1,800,000 1,500,000 -

From the 2010-11 tax year the Personal Allowance reduces where the income is above £100, 000 – by £1 for every £2 of income above the £100,000 limit. This reduction applies irrespective of age.

Taxable Bands

Taxable bands 2011-12 (£) Taxable bands 2012-13 (£)
*Starting rate 10% 0 - 2,560 *Starting rate 10% 0 - 2,710
Basic rate 20% 0 - 35,000 Basic rate 20% 0 - 34,370
Higher rate 40% 35,001 - 150,000 Higher rate 40% 34,371 - 150,000
Additional rate 50% Over 150,000 Additional rate 50% Over 150,000

* From 2008-09 there is a 10 per cent starting rate for savings income only. If your non-savings income is above this limit then the 10 per cent starting rate for savings will not apply.

The rates available for dividends for the 2010-11 tax year is the 10 per cent ordinary rate, the 32.5 per cent dividend upper rate, and the new dividend additional rate of 42.5 per cent.

Corporation Tax Rates

Band Corporation tax profits 2011-12 (£) Corporation tax profits 2012-13 (£)
0 - 300,000 20% 20%
300,001 - 1,500,000 Marginal relief Marginal relief
1,500,001 or more 26% 24%

From 1 April 2010 onwards, the terminology used to describe some Corporation Tax rates and reliefs changed. This table reflects the new terminology but for ease the changes are shown below:

  • Small Profits Rate - previously Small Companies’ Rate
  • Marginal Relief - previously Marginal Small Companies’ Relief
  • Standard fraction - previously Marginal Small Companies’ Relief fraction

REV2: National Insurance Rates

2011-12 2012-13
Primary threshold £139 per week £146 per week
Secondary threshold £136 per week £144 per week
Employees’ primary class 1 rate on earnings between primary threshold and upper earnings limit 11% of £139.01 to £817 per week 1% above £817 per week 12% of £144.01 to £817 per week 2% above £817 per week
Employers’ secondary Class 1 rate 13.8% on earnings above £136 per week 13.8% on earnings above £144 per week
Class 4 rate 9% of £7,225 to £42,475 per year 2% above £42,475 per year 9% of £7,605 to £42,475 per year 2% above £42,475 per year
Class 4 lower profits limit £7,225 per year £7,605
Class 4 upper profits limit £42,475 per year £42,475

For further rates and allowances and historic tables see HMRC.

  
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