|
For a complete list of rates and allowances visit the Inland Revenue site.
Tax Rates and Allowances
|
|
2007-8
(£) |
2008-09
(£) |
Increase (£)
|
|
Income tax allowances
|
|
|
|
|
Personal allowance
|
5,225 |
6,035 |
210 |
| |
|
|
|
| Capital gains tax annual exempt
amount: |
|
|
|
| Individuals etc: |
9,200 |
|
|
| Other trustees: |
4,600 |
|
|
| |
|
|
|
| Inheritance tax threshold |
300,000 |
|
|
| |
|
|
|
|
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 22%
|
0 - 34,600 |
|
Higher rate 40%
|
Over 34,600 |
Higher rate 40% |
Over 34,800 |
|
Corporation Tax Rates
|
Corporation tax profits
2007-08 (£)
|
Corporation
tax profits 2008-09 (£) |
|
Small companies' rate 20%
|
0 - 300,000 |
Small companies' rate 21% |
0 - 300,000 |
| Marginal relief |
300,001 - 1,500,000 |
Marginal relief |
300,001 - 1,500,000 |
| Main rate 30% |
1,500,001 or more |
Main rate 28% |
1,500,001 or more |
|
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% |
|
11% |
|
Employers’ secondary Class 1 rate
|
12.8% |
|
12.8% |
|
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 |
|
£4,435 per year |
|
Class 4 upper profits limit
|
£34,840 per year |
|
£40,040 per year |
|
|
