Rates and allowances set by HMRC for various types of tax are set out below.
Rates and Allowances – Income Tax
Income Tax Allowances
2011-12 (£)
2010-11 (£)
Personal allowance for people aged under 65
7,475
6,475
Personal allowance for people aged 65-74
9,940
9,490
Personal allowance for people aged 75 and over
10,090
9,640
Income limit for under 65 personal allowance
100,000
100,000
Income limit for age-related allowances
24,000
22,900
Married couple's allowance tax reduction - aged 73-74
Not Applicable
Not Applicable
Married couple's allowance - aged 75 or more
7,295
6,965
Minimum married couple's allowance tax reduction
2,800
2,670
Blind person's allowance
1,980
1,890
The rate of relief for the continuing married couple's allowance and maintenance relief for people born before 6 April 1935, and for the children's tax credit, is 10%.
Taxable Bands
Taxable Bands Allowances
2011-12 (£)
2010-11 (£)
Starting rate 10%
0 - 2,560
0 - 2,440
Basic rate 20%
0 - 35,000
0 - 37,400
Higher rate 40%
35,001 - 150,000
37,401 - 150,000
Additional rate 50%
Over 150,000
Over 150,000
The rate available for dividends for the 2009-10 tax year are the 10% ordinary rate and the 32.5% per dividend upper rate.
From the 2010-11 tax year, as well as these rates there is a new dividend additional rate of 42.5%.
Capital Gains Tax for Individuals and Trustees
Annual exempt amount
2011-12 (£)
2010-11 (£)
Individuals etc*
10,600
10,100
Other trustees
5,300
5,050
* Individuals, trustees of settlements for the disabled, and personal representatives of the estate of a deceased person.
Corporation Tax Levels on Profits
Profits - £ per year
2011-12 (%)
2010-11 (%)
£0–£300,000
21
21
£300,001–£1,500,000
27.5
29.75
£1,500,001 or more
28
28
Rates and Allowances - Inheritance Tax Threshold
Year
Amount (£)
2010-11
325,000
2009-10
325,000
2008-09
312,000
2007-08
300,000
2006-07
285,000
2005-06
275,000
2004-05
263,000
Rates and Allowances - National Insurance Contributions
£ per week
2011-12
2010-11
Lower earnings limit, primary Class 1
£102
£97
Upper earnings limit, primary Class 1
£817
£844
Upper accmio
Upper accruals point
£770
770
Primary threshold
£139
£110
Secondary threshold
£136
£110
Employees’ primary Class 1 rate between primary threshold and upper earnings limit
12%
11%
Employees’ primary Class 1 rate above upper earnings limit
2%
1%
Employees’ contracted-out rebate
1.6%
1.6%
Married women’s reduced rate between primary threshold and upper earnings limit
5.85%
4.85%
Married women’s rate above upper earnings limit
2%
1%
Employers’ secondary Class 1 rate above secondary threshold