НАЛОГИ 2012/2013

Income Tax Rates

Rate on taxable income

Band, £(GBP)

Rate,%

Starting savings rate  0 - £2,710   10*

Basic rate

 Up to £34,370

  20**

 

Higher rate

 £34,371 - £150,000

  40***

 

Additional rate  over £150,000   50****

* Starting savings rate is available for savings income only. The rate 10% is not available if taxable non-savings income exceeds £2,710.
** except dividends (10%)
*** except dividends (32.5%)
**** except dividends (42.5%)

Allowances and Reliefs

 

£ (GBP)

Personal allowance (under 65 age)

8,105

Income limit for personal allowance (under 65 age)

100,000

Personal allowance aged 65-74

10,500

Personal allowance aged 75 and over

10,660

Married couple's allowance

Married couple's allowance aged 75 and over

7,705

Married couple's allowance minimum amount

2,960

Income Limit for age related allowance   

25,400

Blind person's allowance

2,100 

Corporation Tax

Taxable profit £ (GBP)s

Small businesses (0 - 300,000)

20%

Marginal rate (300,001 - 1,500,000)

1/100 fraction

Main rate for businesses (over 1,500,000)

24%

Capital Allowances

 

 

Annual investment allowance on new purchase of plant and machinery

£25,000

First year allowance for business expenditure on new low rate (110g/km) emission vehicles

100%

 

 

Writing-down allowances

%

Integral features

8

Long Life assets

8

Other plant and machinery

18

Industrial/agricultural buildings

Nil

Vehicles with emissions between 110g/km and 160g/km

18

Vehicles with emissions over 160g/km

8

Capital Gains Tax

Higher rate taxpayers

28%

Standard rate taxpayers

18%

Rates for trustees and personal representatives

28%

Individual annual exemption 

£10,600

Trusts annual exemption 

£5,300

Entrepreneurs’ relief life time limit

£10,000,000

Entreprenuers' rate

10%

Individual Savings Accounts (ISAs)

Max annual contributions – Total overall annual investment limit

£11,280

Comprising - Cash up to £5,640 max, Balance in stock and shares £5,640 max

 

VAT

Standard Rate

20%

Lower Rate

5%

Zero Rate

0%

Annual Turnover Limits for registration - last 12 months or if turnover is going to exceed within the next 30 days

£ 77,000

Annual Turnover Limits for de-registration

£ 75,000

National Insurance Contributions

Weekly earnings £(GBP)

Not contracted out

Class I (employment) Employee’s rate


Up to 146

Nil

146.01 to 817 12%

Earnings over 817

2%

Employer’s rates  

 

Up to 144

Nil

Above 144 13.8%

Class 2

Annual small earning exception is £5,595 per year
Class 2 rate per week is
£2.65


Class 4

Lower annual earnings limit is £7,605 

Upper annual earnings limit is £42,475
Class 4 rate between lower and upper earnings limit is 9%
Class 4 rate above upper earnings limit is 2%


Stamp Duty

Residential 

 

£125,000 or less

Nil (*a)

£125,001-250,000 

1% (*a)

£250,001-500,000 

3%

£500,001-1,000,000

4%

£1,000,001-2,000,000 5%
Over £2,000,000 7%
Over £2,000,000 purchased by companies** 15%

Non-residential

 

£150,000 or less  - annual rent less than 1,000

Nil

 £150,000 or less  - annual rent 1,000 or more 1%

£150,001 – 250,000 

1%

£250,001-500,000 

3%

Over £500,000

4%

Shares and Securities

Standard rate - 0.5%, higher rate - 1.5%


* (a) £150,000 for property in disavantaged area
 

**Budget 2012 also announced a 15 per cent rate charge of stamp duty land tax on certain non-natural persons enveloping a residential property where the consideration given exceeds £2million. Where the interest/property with a consideration in excess of £2 million is purchased in sole or joint names then a 15 per cent rate SDLT charge will apply to the following:

• all such purchases by bodies corporate (largely companies);
• all collective investment schemes; and
• all partnerships where there are one or more members are one of the above.

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