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BUSINESS SERVICES AND UK COMPANIES
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| Tax / UK companies / Business services and UK companies |
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Income Tax Rates
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Rate on taxable income
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Band, £(GBP)
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Rate,%
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| Starting savings rate |
0 - £2,560 |
10* |
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Basic rate
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Up to £35,000
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20**
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Higher rate
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£35,001 - £150,000
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40***
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| Additional rate |
over £150,000 |
50**** |
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* Starting savings rate is available for savings income only. The rate 10% is not available if taxable non-savings income exceeds £2,560.
** except dividends (10%)
*** except dividends (32.5%)
**** except dividends (42.5%)
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Allowances and Reliefs
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£ (GBP)
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Personal allowance (under 65 age)
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7,475
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Income limit for personal allowance (under 65 age)
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100,000 |
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Personal allowance aged 65-74
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9,940
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Personal allowance aged 75 and over
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10,090
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Married couple's allowance
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Married couple's allowance aged 75 and over
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7,295
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Married couple's allowance minimum amount
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2,800
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Income Limit for age related allowance
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aged 65-75
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24,000
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aged 75 and over
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24,000
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Corporation Tax
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Taxable profit £ (GBP)s
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Small businesses (0 - 300,000)
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20%
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Marginal rate (300,001 - 1,500,000)
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27.5%
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Main rate for businesses (over 1,500,000)
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26%
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Capital Allowances
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Annual investment allowance on new purchase of plant and machinery
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£100,000
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First year allowance for business expenditure on new zero emission vehicles
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100%
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Writing-down allowances
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%
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Integral features
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10
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Long Life assets
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10
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Other plant and machinery
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20
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Industrial/agricultural buildings
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Nil
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Capital Gains Tax
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Higher rate taxpayers
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28%
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Standard rate taxpayers
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18%
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Individual annual exemption
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£10,600
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Trusts annual exemption
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£5,300
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Entrepreneurs’ relief life time limit
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£10,000,000
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Entreprenuers' rate
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10%
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Individual Savings Accounts (ISAs)
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Max annual contributions – Total overall annual investment limit
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£10,680
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Comprising - Cash up to £5,340 max, Balance in stock and shares £10,680 max
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VAT
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Standard Rate
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20%
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Lower Rate
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5%
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Zero Rate
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0%
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Annual Turnover Limits for registration - last 12 months or over next 30 days
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£ 73,000
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National Insurance Contributions
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Weekly earnings £(GBP)
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Not contracted out
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Class I (employment) Employee’s rate
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Up to 139
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Nil
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139.01 to 817
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12% |
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Earnings over 817
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2%
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Employer’s rates
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Up to 136
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Nil
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| Above 136 |
13.8% |
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Class 2
Annual small earning exception is £5,315 per year
Class 2 rate per week is £2.50
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Class 4
Lower annual earnings limit is £7,225
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%
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Stamp Duty
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Residential
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£125,000 or less
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Nil (*a) (*b)
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£125,001-250,000
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1% (*a) (*b)
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£250,001-500,000
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3%
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Over £500,000
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4%
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Over £1,000,000 from 6 April 2011
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5% |
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Non-residential
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£150,000 or less - annual rent less than 1,000
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Nil
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£150,000 or less - annual rent 1,000 or more
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1% |
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£150,001 – 250,000
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1%
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£250,001-500,000
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3%
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Over £500,000
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4%
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Shares and Securities
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0.5%
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* (a) £150,000 for property in disavantaged area
(b) Nil until £250,000 for first time residential buyers where the date of completion is between 25 March 2010 and 24 March 2012.
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