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| Contact Us |
| If you would like further information or to discuss your individual requirements, initial consultation free of charge, please contact Laurie Powell at either our; |
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Aldershot office on
01252 320446/328903
or
Alton office on
01420 82869 |
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or click here to send an email
Aldershot@gilroyandbrookes.co.uk
Alton@gilroyandbrookes.co.uk |
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Tax Tables
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| INCOME TAX |
10-Nov |
09-Oct |
| Starting rate band of 10% on savings up to* |
£2,440 |
£2,440 |
| Basic rate of 20% on income up to |
£37,400 |
£37,400 |
| Higher rate of 40% on income |
£37,401-£150,00 |
£37,401 |
| and over |
| Additional rate of 50% on income over |
£150,000 |
N/A |
| Dividends for: |
basic rate taxpayers |
10% |
10% |
|
higher rate taxpayers |
32.50% |
32.50% |
|
additional rate taxpayers |
42.50% |
N/A |
| Trusts: |
standard rate band generally |
£1,000 |
£1,000 |
|
rate applicable to trusts: |
dividends |
42.50% |
32.50% |
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|
other income |
50% |
40% |
| Pre-owned assets tax minimum taxable as income |
£5,000 |
£5,000 |
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| *Not available if taxable non-savings income exceeds starting rate band |
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| Main Personal Allowances and Reliefs |
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| Personal (basic) |
£6,475 |
£6,475 |
| Personal allowance reduced by 50% of income over |
£100,00 |
N/A |
| Personal (65-74) |
£9,490 |
£9,490 |
| Personal (75 & over) |
£9,640 |
£9,640 |
| Married couples/civil partners (minimum) at 10%† |
£2,670 |
£2,670 |
| Married couples/civil partners (75 and over) at 10% |
£6,965 |
£6,965 |
| Age-related reliefs reduced by 50% of income over |
£22,900 |
£22,900 |
| Blind person’s allowance |
£1,890 |
£1,890 |
| Rent-a-room tax-free income |
£4,250 |
£4,250 |
| Venture capital trust (VCT) at 30% |
£200,000 |
£200,00 |
| Enterprise investment scheme (EIS) at 20% |
500,00 |
£500,00 |
| EIS eligible for capital gains tax re-investment relief |
No limit |
| †Where at least one spouse/civil partner was born before 6 April 1935 |
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| Non-domicile Remittance Basis Charge |
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| For adult non-UK domiciliary after UK residence in at least 7 of the previous 9 tax year |
£30,000 |
£30,000 |
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INDIVIDUAL SAVINGS ACCOUNTS (ISAs)
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|
Maximum Investment |
| Components |
10-Nov |
09-Oct |
| Cash |
£5,100 |
£3,600 (£5,100*) |
| Stocks & Shares (balance to) |
£10,200 |
£7,200 (£10,200*) |
| *Born before 6 April 1960 |
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CAR BENEFIT FOR EMPLOYEES
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| Taxable amount based on car’s list price when new up to £80,000 |
| Charge varies according to CO2 emissions in grams per kilometre |
| CO2 |
% of price |
CO2 |
% of price |
CO2 |
% of price |
| g/km |
10-Nov |
09-Oct |
g/km |
10-Nov |
09-Oct |
g/km |
10-Nov |
09-Oct |
| 75 or less |
5 |
10 |
160-4 |
21 |
20 |
200-4 |
29 |
28 |
| 76-120 |
10 |
10 |
165-9 |
22 |
21 |
205-9 |
30 |
29 |
| 121-134 |
15 |
15 |
170-4 |
23 |
22 |
210-4 |
31 |
30 |
| 135-9 |
16 |
15 |
175-9 |
24 |
23 |
215-9 |
32 |
31 |
| 140-4 |
17 |
16 |
180-4 |
25 |
24 |
220-4 |
33 |
32 |
| 145-9 |
18 |
17 |
185-9 |
26 |
25 |
225-9 |
34 |
33 |
| 150-4 |
19 |
18 |
190-4 |
27 |
26 |
230-4 |
35 |
34 |
| 155-9 |
20 |
19 |
195-9 |
28 |
27 |
235+ |
35 |
35 |
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| Further reduction may apply for LPG, bi-fuel, E85 and hybrid cars |
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| Diesels not meeting Euro IV or registered after 31 December 2005: |
| add 3% subject to maximum charge of 35% |
|
| Zero emission cars, incl. electric only: no taxable benefit from 6 April 2010 |
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| VANS – FOR PRIVATE USE |
10-Nov |
09-Oct |
| Chargeable amount |
£3,000 |
£3,000 |
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| No charge if zero emissions (10-11), or private use is limited to home-work journeys |
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| FUEL BENEFIT |
10-Nov |
09-Oct |
| Multiply the CO2 % used for the car benefit by |
£18,000 |
£16,900 |
| Minimum charge at 10% |
£1,800 |
£1,690 |
| Maximum charge at 35% |
£6,300 |
£5,915 |
| Vans – flat charge (except zero emissions 10-11 |
£550 |
£500 |
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| COMPANY CARS – ADVISORY RATES from 1/12/09 |
| Engine size |
Petrol |
Diesel |
LPG |
| 1,400cc or less |
11p |
11p |
7p |
| 1,401cc to 2,000cc |
14p |
11p |
8p |
| Over 2,000cc |
20p |
14p |
12p |
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| TAX-FREE MILEAGE ALLOWANCE – OWN VEHICLE |
09-Nov |
| Cars |
Up to 10,000 business miles: 40p |
Motorcycles |
24p per business mile |
| Over 10,000 business miles: 25p |
Bicycles |
20p per business mile |
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| NATIONAL INSURANCE CONTRIBUTIONS |
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10-11 |
09-10 |
|
Employee |
Employer |
Employee |
Employer |
| NIC rate |
11.00% |
12.80% |
11.00% |
12.80% |
| No NICs on the first |
£110 pw |
£110 pw |
£110 pw |
£110 pw |
| NICs charged up to |
£844 pw |
No limit |
£844 pw |
No limit |
| 1% NIC on earnings over |
£844 pw |
N/A |
£844 pw |
N/A |
| Certain married women |
4.85% |
12.80% |
4.85% |
12.80% |
| Contracted-Out Rebate on |
£97.01-£770 pw |
£95.01-£770 pw |
| Salary-related scheme |
1.6%
|
3.7% |
1.6% |
3.7% |
| Money-purchase scheme |
1.6%
|
1.4% |
1.6% |
1.4% |
| Personal Pension |
No reduction |
No reduction |
| Class 1A Employer 09-11 on car fuel benefits and most other taxable benefits : |
12.8% |
| Self-Employed |
10-11 |
09-10 |
| Class 2 Flat rate |
£2.40 pw |
£124.80 pa |
£2.40 pw |
£124.80 pa |
| Small earnings exception |
£5,075 pa |
£5,075 pa |
| Class 4 (Unless over state pension age on 6 April) |
|
| On profits: |
£5,715-£43,875 pa: 8% |
£5,715-£43,875 pa: 8% |
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Over £43,875 pa: 1% |
Over £43,875 pa: 1% |
| Voluntary Class 3 Flat rate |
£12.05 pw
|
£626.60 pa |
£12.05 pw
|
£626.60 pa |
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| BASIC STATE PENSION |
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|
10-11 |
09-Oct |
|
Weekly |
Annual |
Weekly |
Annual |
| Single person |
£97.65 |
£5,077.80 |
£95.25 |
£4,953.00 |
| Dependant’s addition |
£58.50 |
£3,042.00 |
£57.05 |
£2,966.60 |
| Total married pension |
£156.15 |
£8,119.80 |
£152.30 |
£7,919.60 |
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| REGISTERED PENSIONS |
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|
10-Nov |
09-Oct |
| Lifetime allowance* |
£1,800,000 |
£1,750,000 |
| Annual allowance |
£255,00 |
£245,000 |
| Special annual allowance applies where } |
Min. |
£20,000 |
£20,000 |
| Relevant income is £130,000 or more } |
Max. |
£30,000 |
£30,000 |
| Special annual allowance charge |
|
20%-30% |
20% |
| Max. relievable personal contribution |
|
100% of relevant UK earnings or £3,600 if greater |
| Max. pension commencement lump sum* |
|
25% of pension benefit value |
| Lifetime allowance charge if excess drawn: |
as cash 55% |
as income 25% |
| Annual allowance charge on excess |
|
40% |
| *Subject to transitional protection for excess amount |
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| MAIN CAPITAL AND OTHER ALLOWANCES |
10-Nov |
| Plant & machinery 100% annual investment allowance (first year) |
£100,00 |
| Plant & machinery (reducing balance) pa |
20% |
| Patent rights & know-how (reducing balance) pa |
25% |
| Certain long-life assets, integral features of buildings (reducing balance ) pa |
10% |
| Industrial & agricultural buildings (straight line) |
1% |
| Energy & water-efficient equipment |
100% |
| Zero emission goods vehicles (new) |
100% |
| Qualifying flat conversions, business premises & renovations |
100% |
| Motor Cars: Expenditure on or after 1/4/09 (Corporation Tax) or 6/4/09 (Income Tax) |
| CO2 emissions of g/km: |
110 or less* |
111-160 |
161 or more |
| Capital allowance: |
100% |
20% |
10% |
|
first year |
reducing balance |
reducing balance |
| Research & Development: Capital expenditure |
|
100% |
| Revenue expenditure: small/medium companies |
175% |
large companies |
130% |
| *If new |
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| VALUE ADDED TAX |
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| Registration level from 1/4/10: £70,000 |
Standard rate from 1/1/10: 17.5% |
| Reduced rate, eg on domestic fuel: |
5% |
| Flat rate scheme turnover limit |
£150,000 |
| Cash and annual accounting schemes turnover limit |
£1,350,000 |
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| MAIN DUE DATES FOR TAX PAYMENT |
| Income Tax and Capital Gains Tax – Self-Assessment |
| 31 January in tax year |
} |
● Normally 50% of previous year’s |
| Following 31 July |
} |
income tax, less tax deducted at source |
| Following 31 January |
|
● Balance of income tax and all CGT |
| Inheritance Tax On death: normally 6 months after month of death |
| Lifetime transfer 6 April-30 September: 30 April in following year |
| Lifetime transfer 1 October-5 April: 6 months after month of transfer |
| Corporation Tax |
| Self-assessment: 9 months after end of accounting period |
| ● Payable by instalments where profits are £1.5m or over. Normally payable in 7th, 10th, 13th and 16th months after start of accounting period. |
| ● Growing companies: no instalments where profits are £10m or less and the company was not a large company for the previous year |
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| CORPORATION TAX |
Effective rate |
Effective rate |
| Profits |
to 31/3/11 |
to 31/3/10 |
| £0-£300,000 |
21% |
21% |
| £300,001-£1,500,000 |
29.75% |
29.75% |
| £1,500,001 and over |
28% |
28% |
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| INHERITANCE TAX |
10-Nov |
09-Oct |
| Nil-rate band |
£325,000 |
£325,000 |
| Rate of tax on excess |
40% |
40% |
| Lifetime transfers to and from certain trusts |
20% |
20% |
| Exemption for overseas domiciled spouse/civil partner |
£55,000 |
£55,000 |
| 100% relief: businesses, unlisted/AIM companies, certain farmland/buildings |
| 50% relief: certain other business assets |
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| CAPITAL GAINS TAX |
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| Exemptions |
10-Nov |
09-Oct |
| Individuals, estates etc |
£10,100 |
£10,100 |
| Trusts generally |
£5,050 |
£5,050 |
| Chattels proceeds |
|
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| (restricted to 5/3rds of proceeds exceeding limit) |
£6,000 |
£6,000 |
| Rates Individuals, trusts and estates |
18% |
18% |
| Entrepreneurs’Relief |
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| Lifetime limit |
£2,000,000 |
£1,000,000 |
| 4/9ths of gain (effective tax rate of 10%). For trading businesses & companies |
| (minimum 5% employee or director shareholding) held for at least one year |
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| STAMP DUTY LAND TAX based on consideration |
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| Residential |
Commercial |
Rate |
| £125,000* or less |
£150,000 or less |
Nil |
| Over £125,000* up to £250,000 |
Over £150,000 up to £250,000 |
1% |
| Over £250,000 up to £500,000 |
Over £250,000 up to £500,000 |
3% |
| Over £500,000 |
Over £500,000 |
4% |
| *£150,000 for property in disadvantaged areas. £250,000 for first time buyers where |
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| Completion is from 25/3/10 to 24/3/12 |
| Stamp Duty (including SDRT): stocks and marketable securities |
0.50% |
| No charge unless the duty exceeds £5 |
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| © Copyright 24 March 2010 |
Subject to the Finance Act 2010 |
| For information only. Always seek professional advice before acting |
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