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Item
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Information you might find
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Income Tax
|
rates and tax band figures
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click here
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Personal Allowances
|
age allowance, blind persons, rent a room, married
couples
|
click here
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Savings Limits
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ISA's
|
click here
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Capital Gains Tax
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rates and exemption amounts, taper relief
|
click here
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VAT
|
rates and registration limits
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click here
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Benefits in Kind
|
company car benefit
|
click here
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2011/12
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Taxable Income
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Rate
|
Cum. Tax
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£ 0
|
-
|
£ 35,000
|
20%
|
£ 7,000
|
|
£35,001
|
-
|
£150,000
|
40%
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£53,000
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|
£150,000 |
- |
and over |
50% |
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2010/11
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Taxable Income
|
Rate
|
Cum. Tax
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£ 0
|
-
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£ 37,400
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20%
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£ 7,480
|
|
£37,401
|
-
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£150,000
|
40%
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£52,520
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£150,000 |
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and over |
50% |
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NB: Special rules apply to savings income, if it is
your only source or income (a special 10% rate still exists up
to £2,560 for 2011/12). Also dividends are now taxed at
32.5% or 42.5% dependent on whether you are in the 40% or 50%
tax bracket. If you are in the 20% tax bracket the
notional 10% tax already withheld on dividends paid will satisfy
your tax on such income - no further tax would be due.
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Allowance
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2011/12
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2010/11 |
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Given at marginal rate of income
tax
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Personal allowance up to 65 years
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£ 7,475
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£ 6,475
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Personal allowance 65 to 74 years
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£ 9,940
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£ 9,490
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Personal allowance over 75 years
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£ 10,090
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£ 9,640
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Blind persons' allowance
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£ 1,980
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£ 1,890
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Rent-a-room tax fee home income
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£ 4,250
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£ 4,250
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£1 abatement of Personal allowance for every £2 of
income over |
£100,000 |
£100,000 |
|
£1 abatement of over 65 allowances for every
£2 of income over
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£ 24,000
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£ 22,900
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Relief restricted to 10%
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Married couples (born before 6 April 1935) - age over 75 years
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£ 7,295
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£ 6,965
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Married couples - minimum amount if subject to
abatement
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£ 2,800
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£ 2,670
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£1 abatement of relief for every £2 of income
over
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£24,000
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£22,900
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2011/12
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2003/04
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Individual Savings Accounts
(ISA's)
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Overall annual subscription limit
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£10,680
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£10,200
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Cash limit
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£ 5,340
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£ 5,100
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2011/12
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2010/11
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Rates of Tax
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Individuals
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18/28%
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18/28%
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Exemptions
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Individuals and most estates
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£10,600
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£10,100
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Most trusts
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£ 5,300
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£ 5,050
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NB: For 2010/11 the tax rate is 18% for gains arising up to
22 June 2011 regardless of other income. After this date
any gains arising may be charged at either 18 or 28% dependent
on income levels. The basic premise here is that if you
are in the 40% income tax bracket or above you will be paying
28% on your gains.
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2011/12
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2010/11
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Standard rate
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20.0%
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17.5/20.0%
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Reduced rate
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5%
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5%
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Annual registration limit
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£ 73,000
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£ 70,000
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Deregistration limit
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£ 71,000
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£ 68,000
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Flat rate scheme, max vatable turnover
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£150,000
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£150,000
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Car Scale Benefit
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From 6 April 2003 the benefit
is assessed on a percentage of car's price according
to level of carbon dioxide emissions.
|
|
CO2 emissions g/km
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Percentage of car's price taxed
as a benefit
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2003/04
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2010/11
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2011/12
|
|
- |
0 |
0 |
0 |
|
-
|
75
|
75
|
5
|
|
-
|
120
|
120
|
10
|
|
155
|
134
|
129
|
15
|
|
160
|
139
|
134
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16
|
|
165
|
144
|
139
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17
|
|
170
|
149
|
144
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18
|
|
175
|
154
|
149
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19
|
|
180
|
159
|
154
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20
|
|
185
|
164
|
159
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21
|
|
190
|
169
|
164
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22
|
|
195
|
174
|
169
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23
|
|
200
|
179
|
174
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24
|
|
205
|
184
|
179
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25
|
|
210
|
189
|
184
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26
|
|
215
|
194
|
189
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27
|
|
220
|
199
|
194
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28
|
|
225
|
204
|
199
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29
|
|
230
|
209
|
204
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30
|
|
235
|
214
|
209
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31
|
|
240
|
219
|
214
|
32
|
|
245
|
224
|
219
|
33
|
|
250
|
229 |
224 |
34
|
|
255>
|
230> |
225> |
35
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NB: Generally a supplement of 3% is added if
car runs on diesel. This wasn't added for
years 2010/11 and prior if the car met the Euro
Standard IV. For 2011/12 onwards it is added
regardless. The maximum charge is 35% so if
adding 3% causes the percentage to go above this it
is actually limited to 35%.
The 2003/04 figures are only provided to show how
the CO2 limits have changed over the last several
years. There were no benefit amounts under 15%
in that year and compared to 2011/12 you will
essentially have a benefit charge 6% higher than you
would have back in 2003/04. For example
180g/CO2 would have yielded a benefit charge of 20%
whereas for 2011/12 it would now be 26%. It is
generally a 1% increase per year as the CO2 limits
are reduced each year.
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