 |
TAX INFORMATION
Capital Gains Tax
| |
2006/2007
|
2005/2006
|
| Rate - general |
10% / 20% / 40%
|
10% / 20% / 40%
|
| Rate - trustees / personal
reps (rates are subject to tapering relief in certain
cases) |
40%
|
40%
|
| General exemption limit |
£8,800
|
£5,500
|
Corporation Tax
| |
2006/2007
|
2005/2006
|
| Corporation tax rates |
|
|
| Starting rate (0-10,000) |
N/A
|
0%*
|
| Lower marginal rate (10,001-50,000) |
23.75%
|
23.75%*
|
| Small profits rate (50,001-300,000) |
19%
|
19%
|
| Upper Marginal rate (300,001-1,500,000) |
32.75%
|
32.75%
|
| Standard rate (over 1,500,000) |
30%
|
30%
|
* Profits distributed to non-company shareholders:
19%
Inheritance Tax
| |
Transfers after 5/4/2006
|
Transfers after 5/4/2005
|
| Threshold |
£285,000
|
£275,000
|
| Rate on death |
40%
|
40%
|
Personal Allowances
| |
2006/2007
|
2005/2006
|
| Personal allowance (under
65) |
£5,035
|
£4,895
|
| Blind person's allowance |
£1,660
|
£1,610
|
| Age allowance income limit |
£20,100
|
£19,500
|
| Allowance where aged
65 - 74 |
| Personal allowance |
£7,280
|
£7,090
|
| Married couple's allowance |
£6,065
|
£5,905
|
| Allowances where aged
75 or over |
| Personal allowance |
£7,420
|
£7,220
|
| Married couple's allowance |
£6,135
|
£5,975
|
Rates of Income Tax
| |
2006/2007
|
2005/2006
|
| Starting / lower rate |
10%
|
10%
|
| on taxable income up to |
£2,150
|
£2,090
|
| Basic rate |
22%
|
22%
|
| on taxable income from |
| starting / lower rate limit
up to |
£31,150
|
£30,310
|
| Higher rate |
40%
|
40%
|
| on taxable income over |
£33,300
|
£32,400
|
VAT
| Standard rate |
17.5%
|
| Reduced rate |
5%
|
| Registration threshold: |
| after 9 April 2004 |
£61,000
|
| after 24 April 2002 |
£59,000
|
National insurance contributions
| Item |
2006-07
|
| Lower Earnings Limit, primary
Class 1 |
£84 per week
|
| Upper Earnings Limit, primary Class
1 |
£645 per week
|
| Primary Threshold |
£97 per week
|
| Secondary Threshold |
£97 per week
|
| Employees' primary Class 1 rate |
11 per cent. of £97.01 to £645
per week. 1 per cent above £645 per week
|
| Employees' contracted-out rebate |
1.6 per cent.
|
| Married women's reduced rate |
4.85 per cent. Of £94.01 to
£630 per week. 1 per cent above £630 per
week
|
| Employers' secondary Class 1 rate |
12.8 per cent. above £94 per
week
|
| Employers' contracted-out
rebate, salary-related schemes |
3.5 per cent
|
| Employers' contracted-out
rebate, money-purchase schemes |
1.0 per cent
|
| Class 2 rate |
£2.10 per week
|
| Class 2 Small Earnings
Exception |
£4,465 per year
|
| Class 3 rate |
£7.55 per week
|
| Class 4 rate |
8 per cent. Of £5,035 to £33,540
per year. 1 per cent above £33,540 per year
|
| Class 4 Lower Profits Limit |
£5,035 per year
|
| Class 4 Upper Profits Limit |
£33,540 per year
|
|
|
