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UK Tax Tables 2007/2008

Tax Rates and Allowances

2006-07 (£) 2007-08 (£) Increase (£)
INCOME TAX ALLOWANCES:
Personal allowance 5,035 5,225 +190
CAPITAL GAINS TAX ANNUAL EXEMPT AMOUNT:
Individuals etc: 8,800 9,200 +400
Other trustees: 4,400  4,600 +200
Inheritance tax threshold 285,000 300,000 15,000
PENSIONS SCHEMES:
Annual allowance: £215,000 £225,000 +10,000
Lifetime allowance: 1,500,000 1,600,000 +100,000

Taxable Bands

Taxable bands 2006-07 (£) Taxable bands 2007-08 (£)
Starting rate 10% 0 - 2,150 Starting rate 10% 0 - 2,230
Basic rate 22% 2,150 - 32,400 Basic rate 22% 2,231 - 34,600
Higher rate 40% Over 33,300 Higher rate 40% Over 34,600

Corporation Tax Rates

Band Corporation tax profits 2006-07 (£) Corporation tax profits 2007-08 (£)
0 - 300,000 19% * 20%
300,001 - 1,500,000 Marginal relief Marginal relief
1,500,001 or more 30% 30%

* The Small companies rate rises from 19% to 20% in April 2007, but then to 21% in April 2008 and 22% in April 2009.

REV2: National Insurance Rates

2006-07 2007-08
Primary threshold £97 per week £100 per week
Secondary threshold £97 per week £100 per week
Employees’ primary class 1 rate on earnings between primary threshold and upper earnings limit 11% of £97.01 to £645 per week 1% above £645 per week 11% of £100.01 to £670 per week 1% above £670 per week
Employers’ secondary Class 1 rate 12.8% on earnings above £97 per week 12.8% on earnings above £100 per week
Class 4 rate 8% of £5,035 to £33,540 per year 1% above £33,540 per year 8% of £5,225 to £34,840 per year 1% above £34,840 per year
Class 4 lower profits limit £5,035 per year £5,225 per year
Class 4 upper profits limit £33,540 per year £34,840 per year

For further rates and allowances and historic tables see HMRC.