Please find below a selection of current tax rates
and allowances. |
|
|
Please contact us for more information on all
new tax rates, allowances |
and tax reliefs available, including the new tax
charge on child benefit, |
together with the proposed changes to the taxation
of Non-UK residents. |
2012/13 |
2011/12 |
|
£ |
£ |
|
8105 |
7475 |
Personal
|
10500 |
9940 |
Personal (aged 65-74 during tax year) |
10660 |
10090 |
Personal (aged 75 or over) |
7705 |
7295 |
Married (either partner born before 6 April
'35) * |
325000 |
325000 |
Inheritance Tax ** |
10600 |
10600 |
Capital Gains Tax (excl. settlements) |
* 10% relief
Income limits aged 65+ are |
(2012/13 - £25400) (2011/12 -
£24000) |
** £650000 for married
couples and civil partners |
|
Personal allowances are progressively reduced for
income in excess of £100000. |
At £116210 or more for 2012/13, or
£114950 or more for 2011/12, they are reduced to nil. |
|
Non-Domiciled allowances may be reduced under the
remittance basis |
|
Please note Tax Credits for 2012/13 &
2011/12 |
are based on income and hours worked. |
If you wish to check your entitlement |
please contact the Tax Credits Helpline on 0345
300 3900 |
PERSONAL INCOME TAX
RATES |
TAXABLE INCOME |
TAX RATE
|
2012/13 |
2011/12 |
|
£ |
£ |
|
0 - 2710 |
0 - 2560 |
10% - Savings starting rate * |
0 - 34370 |
0 - 35000 |
20%
- Basic rate |
34371 - 150000 |
35001 - 150000 |
40% - Higher rate |
150000 + |
150000 +
|
50% - Additional rate
|
* only available if non savings income is less than
this amount
Dividend income within the higher rate band is taxed
at 25% of net (32.5% gross)
dividends received.
Where income is in excess of
£150000, dividends are taxed
at the rate of 36.11% of the net (42.5% gross) dividends
received.
From April, 2013 the additional rate of tax is reduced
to 45%
|
2012/13 |
2011/12 |
|
|
|
| Standard rate of CGT |
18% |
18% |
| Higher rate of CGT |
28% |
28% |
| Rate where Entrepreneurs Relief claimed
|
10% |
10% |
| Annual exemption |
£10600 |
£10600 |
The annual exemption may be lost for Non-UK domiciled
persons |
|
where a claim is made for the remittance
basis |
|
Corporation Tax Rates |
FY2012 |
FY2011 |
|
|
|
| All companies (except small below) |
24% |
26% |
| Companies with small profits |
20% |
20% |
| - 20 % rate limit
* |
£300000 |
£300000 |
| - marginal rate profit
limit * |
£1500000 |
£1500000 |
| - marginal rate |
25% |
27.5% |
|
|
|
* With no associated companies
|
|
Please contact us for a full summary
of |
personal and business tax rates and
allowances |
including National Insurance contributions
|
|
|
|
|
|
We also specialise in Non-UK
Residence |
and Non-UK Domicile taxation |
|
Please contact us for more
information
|
OR BETTER STILL - WHY NOT CLICK BELOW
|
|
|
CHARTERED CERTIFIED ACCOUNTANTS |
TAX CONSULTANTS |
REGISTERED UNDER THE DATA PROTECTION ACT
1998 |
