Tax Rates and Allowances
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2007-08 (£) |
2008-09 (£) |
Increase (£) | | INCOME TAX ALLOWANCES: | | Personal allowance | 5,225 | 5,435 | +210 | | CAPITAL GAINS TAX ANNUAL EXEMPT AMOUNT: | | Individuals etc: | 9,200 | 9,600 | +400 | | Other trustees: | 4,600 | 4,800 | +200 | | Inheritance tax threshold | 300,000 | 312,000 | +12,000 | | PENSIONS SCHEMES: | | Annual allowance: | £225,000 | £235,000 | +10,000 | | Lifetime allowance: | 1,600,000 | 1,650,000 | +50,000 |
Taxable Bands
| Taxable bands 2007-08 (£) |
Taxable bands 2008-09 (£) | | Starting rate 10% | 0 - 2,230 | Starting rate 10% | - | | Basic rate 22% | 2,231 - 34,600 | Basic rate 20% | 0 - 36,000 | | Higher rate 40% | Over 34,600 | Higher rate 40% | Over 36,000 |
Corporation Tax Rates
| Band |
Corporation tax profits 2007-08 (£) |
Corporation tax profits 2008-09 (£) | | 0 - 300,000 | 20% | 21% | | 300,001 - 1,500,000 | Marginal relief | Marginal relief | | 1,500,001 or more | 30% | 28% |
* The Small companies rate rose to 21% in April 2008, and will then rise to 22% in April 2009.
REV2: National Insurance Rates
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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% of £100.01 to £670 per week 1% above £670 per week | 11% of £105.01 to £770 per week 1% above £770 per week | | Employers’ secondary Class 1 rate | 12.8% on earnings above £100 per week | 12.8% on earnings above £105 per week | | 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 | £5,435 | | Class 4 upper profits limit | £34,840 per year | £40,040 |
For further rates and allowances and historic tables see HMRC.
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