|
|
|
|
|
Income Tax: |
2011-12 |
2010-2011 |
|
|
Starting rate band (savings income only) |
£2,560 |
£2,440 |
|
|
Starting tax rate (savings income only) |
10% |
10% |
|
|
Basic rate band |
up to £35,000 |
up to £37,400 |
|
|
Basic tax rate |
20% |
20% |
|
|
Basic dividend tax rate |
10% |
10% |
|
|
Higher rate band |
over £35,000 |
over £37,400 |
|
|
Higher tax rate |
40% |
40% |
|
|
Higher dividend tax rate |
32.5% |
32.5% |
|
|
Additional rate band |
over £150,000 |
over £150,000 |
|
|
Additional tax rate |
50% |
50% |
|
|
Additional dividend tax
rate |
42.5% |
42.5% |
|
|
|
|
|
Allowances that reduce
Taxable Income: |
|
|
Personal allowance - under
65 |
£7,475 |
£6,475 |
|
|
Personal allowance - 65
- 74 |
£9,940 |
£9,490 |
|
|
Personal allowance - 75
and over |
£10,090 |
£9,640 |
|
|
|
|
|
|
|
Capital Gains Tax: |
2011-2012 |
2010-2011 |
|
|
taxed as top slice of
savings income (10%, 20% or 40%) |
|
|
|
|
Annual Exemption -
individual |
£10,600 |
£10,100 |
|
|
Annual Exemption -
settlement |
£5,300 |
£5,050 |
|
|
|
|
|
|
|
Inheritance Tax: |
2010-2011 |
2010-2011 |
|
|
Nil rate band |
£325,000 |
£325,000 |
|
|
Rate of tax on
balance - chargeable lifetime transfers |
20% |
20% |
|
|
Rate of tax on balance - on
or within 7 years of death |
40% |
40% |
|
|
All lifetime transfers not
covered by exemptions and made within 7 years of death are added back to
the estate for the purpose of calculating tax payable This is then reduced
as follows:
Years before
death:
0-3
3-4
4-5
5-6 6-7
Tax reduced
by:
0% 20%
40%
60% 80% |
|
|
|
|
|
|
|
Stamp Duty: from
6th April 2011 |
|
|
|
|
Residential property - up to
£125,000 |
|
nil |
|
|
Residential property - £125,000 - £250,000 |
|
1% |
|
|
Residential property -
£250,000 - £500,000 |
|
3% |
|
|
Residential property - £500,000 -
£1,000,000 |
|
4% |
|
|
Residential property - over
£1,000,000 |
|
5% |
|
|
Note: First time buyers can
claim relief for residential property up to £250,000 until 25th March
2012 |
|
|
Transfers of shares or
securities |
|
0.5% |
|
|
|
|
|
|
|
National Insurance: 2011-2012 |
Employer |
Employee |
|
|
Class 1 - lower
earnings limit |
|
£102 |
|
|
Class 1 -
weekly earnings £136.01 - £817.00 |
13.8% |
|
|
|
Class 1 -
weekly earnings £139.01 - £817.00 |
|
12% |
|
|
Class 1 -
weekly earnings over £817.00 |
13.8% |
2% |
|
|
Class 1 -
Employee over state retirement age |
13.8% |
nil |
|
|
Class 1a - on relevant
benefits |
13.8% |
nil |
|
|
|
|
|
|
|
Class 2 -
Self Employed
£2.50 per week |
|
|
exception available if earnings less than £5,315 per annum |
|
|
Class 3 -
Voluntary
£12.60 per week |
|
|
Class 4 - Self
Employed on profits |
|
|
£7,225 - £42,475
9% |
|
|
excess over £42,475
2% |
|
|
exception available if over state retirement age |
|
|
|
|
|
Corporation Tax on profits |
2011-2012
|
2010-2011
|
|
|
£0 - £300,000 |
20% |
21% |
|
|
£300,001 - £1,500,000
(effective marginal rate) |
27.5% |
29.75% |
|
|
over £1,500,000 |
26% |
28% |
