| Main income tax reliefs |
2011-2012 |
2012-2013 |
| Personal allowance (for income up to £100,000)* |
£7,475 |
£8,105 |
| Personal allowance (age 65-74) |
£9,940 |
£10,500 |
| Personal allowance (age 75 and over) |
£10,090 |
£10,660 |
Married couple’s allowance
(where born before 06/04/1935)** |
£7,295 |
£7,705 |
| Income limit for age-related allowances |
£24,000 |
£25,400 |
| Blind person’s allowance |
£1,980 |
£2,100 |
| Enterprise Investment Scheme at 30% / 20% *** |
£500,000 |
£1,000,000 |
| Venture Capital Trust at 30% |
£200,000 |
£200,000 |
| Rent-a-room tax-free income |
£4,250 |
£4,250 |
* Restricted to savings income and not available if non-savings income exceeds starting rate limit.
** A standard rate band of £1,000 applies, below this level income will be taxed at no more than 20%.
| Value Added Tax |
| Standard Rate |
20%* |
| Registration level |
from 01.04.12 |
£77,000 |
to 31.03.12 |
£73,000 |
| De-registration limit |
from 01.04.12 |
£75,000 |
to 31.03.12 |
£71,000 |
* From 4 January, 2011
| Stamp Duty Land Tax |
| On documents transferring residential property |
from 25.03.10 |
| Value up to £125,000 |
Nil |
| £125,001-£250,000 |
1%* |
| £250,001-£500,000 |
3% |
| £500,001-£1,000,000 |
4% |
* For first time buyers before 25 March 2012 the rate is nil.
From 6 April 2011, the rate is 5% for properties over £1,000,000.
[list style="1"]
- Taxable benefit for cars is based on a maximum of 35% of list price, reduced according to the car’s level of CO2 emissions.
- Zero Emission cars taxable at 0% (until 2014-15)
- Where CO2 emissions do not exceed 75g / km benefit is 5% of list price (until 2014-15)
- Benefit is 10% of list price for cars with CO2 emissions up to 120g / km for 2011-12
- Benefit is 15% of list price for cars with CO2 emissions up to 125 g/km for 2011-12
- Minimum will increase by 1% for each 5 g/km of extra CO2 emissions*.
- Diesel cars subject to an extra 3% charge*.
- Where free fuel for private use is provided, tax charge on fuel is calculated according to scale rate charge as
- above, applied to a standard figure of £20,200 for 6 April 2013.
[/list]
* Subject to a maximum of 35% of list price.
| Approved mileage allowance payments |
2011-2012 |
2012-2013 |
| Own cars and vans |
| Up to 10,000 miles (per mile) |
45p |
45p |
| Over 10,000 miles (per mile) |
25p |
25p |
| Personal pensions |
2010-2011 |
2011-2012 |
2012-2013 |
| Annual Allowance* |
£255,000 |
£50,000 |
£50,000 |
| Lifetime Allowance |
£1.8m |
£1.8m |
£1.5m |
* An individual can contribute the lower of the allowance or relevant income. An individual without relevant income can contribute up to £3,600. Transitional rules apply from 14 October 2010.
Note: From 2011 – 12, the annual allowance will be linked to the individual’s marginal tax rate.
| Basic state pensions |
2011-2012 |
2012-2013 |
| Single person per year |
£5,311.80 |
£5,587.40 |
| Dependant’s addition per year |
£3,187.08 |
£3,348.80 |
| Married couple total per year |
£8,498.88 |
£8,936.20 |
| Capital Gains |
2011-2012 |
2012-2013 |
| Individuals/Trusts |
28%* |
18%** |
| Entrepreneurs’ Relief effective rate |
10% |
10% |
* Remains at 18% for basic rate individuals.
** 28% for higher rate individuals and trusts from 23 June 2010.
| Annual Exemptions |
| Individuals and personal representatives |
£10,600 |
£10,600 |
| Trusts generally |
£5,300 |
£5,300 |
| Chattels exemption (5/3 taxable on excess) |
£6,000 |
£6,000 |
| Entrepreneurs’ Relief lifetime limit of gains |
£10,000,000 |
£10,000,000 |
|
2011-2012 |
2012-2013 |
| Maximum subscription |
£10,680 |
£11,280 |
| of which maximum investments are: |
| Stocks and shares account |
£10,680 |
£11,280 |
| Cash account |
£5,340 |
£5,640 |
| Corporation Tax |
To 31.03.12 |
To 31.03.13 |
| Small Companies Rates (£0-£300,000) |
20% |
20% |
| £300,001 – £1,500,000 |
27.5% |
25% |
| Full rate (£1,500,001+) |
26% |
24% |
| MAIN CAPITAL ALLOWANCES |
| Plant and Machinery |
2011-2012 |
2012-2013 |
| Writing down allowance |
20% pa |
18% pa |
| Long life assets / integral features / thermal insulation |
10% pa |
8% pa |
| 100% Annual Investment Allowance (AIA) on expenditure up to |
£100,000 |
£25,000 |
| Motor Cars |
| For cars purchased after 6 April 2009 the annual allowances are dependent on the CO2 emissions of the car: |
– for cars with CO2 emissions up to 110 g/km a 100% allowance is available*
– for cars with CO2 emissions between 111 and 160 g/km the annual allowance is 18%
– for cars with CO2 emissions over 160 g/km the annual allowance is 10%, calculated in a special pool. *This allowance is due to expire in 2013 |
| Industrial and Agricultural Buildings |
2011-2012 |
2012-2013 |
| Writing down allowance (straight line) |
n/a |
n/a |
| Employees Class 1 NIC |
2011-2012 (Earnings PW) |
2012-2013 (Earnings PW) |
| Earnings at or above lower limit |
| Standard rate |
0% up to £139 |
0% up to £146 |
| contracted in |
12% on £139.01-£817 |
12% on £146-£817 |
| contracted out 1.4% on £139.01-£770 9.4% on £110.01-£770 |
| contracted out |
12% on £770.01-£817 |
1.4% over £817 |
| contracted in and out |
11% on £770.01-£844 |
1.4% over £844 |
| Employers Class 1 NIC |
|
|
| Contracted In |
|
|
| Below £136 / £144 |
NIL |
NIL |
| Over £136 / £146 |
13.8% |
13.8% |
| Contracted Out* |
SR |
MP |
SR |
MP |
| Below £136 / £144 |
NIL |
NIL |
NIL |
NIL |
| £136.01 / £146-£634 |
10.1% |
12.4% |
10.1% |
12.4% |
| Over £770 |
13.8% |
13.8% |
13.8% |
13.8% |
| Class 2- Self Employed Rate |
£2.50 per week |
£2.65 per week |
| Small Earnings Exception |
£5,315 per annum |
£5,595 per annum |
| Class 3- Voluntary rate |
£12.60 |
£13.25 |
| Class 4- Self Employed Rate |
9% |
9% |
| Lower Limit of earnings |
£7,225 per annum |
£7,605 per annum |
| Upper Limit of earnings |
£42,475 per annum |
£42,475 per annum |
| 2% on earnings over |
£42,475 per annum |
£42,475 per annum |
* SR= Salary related scheme MP= Money purchase scheme
| Personal Relief |
2011-2012 |
2012-2013 |
| Free of tax up to* |
£325,000 |
£325,000 |
| Tax on excess |
40% |
40% |
| Transfers to certain trusts |
20% |
20% |
| Overseas domiciled spouse exemption |
£55,000 |
£55,000 |
| Annual gifts exemption |
£3,000 |
£3,000 |
| Gifts to charities |
Exempt |
Exempt |
| Small gifts to same person |
£250 |
£250 |
| Marriage/ civil partnership gifts by: |
| Parent |
£5,000 |
£5,000 |
| Grandparent / party to marriage / civil partnership |
£2,500 |
£2,500 |
| Other person |
£1,000 |
£1,000 |
