· n sing. habitually truthful
Financial Data Card
Income Tax Rates
| Income Tax Rates | 2012-2013 % |
2011-2012 % |
| Basic Rate tax | 20 | 20 |
| Higher Rate tax | 40 | 40 |
| Additional Tax Rate | 50 | 50 |
| Starting Rate on savings Income only | 10 | 10 |
| Starting Rate band on savings Income only | £0 – £2,710 | £0 – £2,560 |
| Tax on Savings Income | 20 | 20 |
| Tax on Dividends on Basic Rate | 10 | 10 |
| Tax on Dividends on Higher Rate | 32.50 | 32.50 |
| Tax on Dividends on Additional Rate | 42.50 | 42.50 |
| Starting Rate Band | - | - |
| Basic Rate Band | £0 – £35,000 | £0 – £35,000 |
| Higher Rate Band | £35,001 to £150,000 | £35,001 to £150,000 |
| Additional Rate Band | Above £150,000 |
Above £150,000 |
| Corporation Tax on profits up to £300,000 | 20% | 20% |
| Marginal rate between £300K to £1.5M | 25% | 27.5% |
| Main rate (to be cut by 1% over 3 years to 23% | 24% | 26% |
Personal Allowances
| Personal Allowances | 2012 – 2013 | 2011 – 2012 |
| Standard Payroll Tax Code | 810L | 747L |
| Personal Allowance (Note 1) | £8,105 | £7,475 |
| Age 65 to 74 | £10,500 | £9,940 |
| Age 75 and over | £10,660 | £10,090 |
| Income Limit for Personal Allowance (Note 1) | £100,000 | £100,000 |
| Married Couples Allowance (Note 2) | ||
| Age 65 to 74 | £6,965 | £6,965 |
| Age 75 and over | £7,295 | £7,295 |
| The income limit for age-related allowances | £22,900 | £22,900 |
| Minimum amount of Married Couples Allowance | £2,960 | £2,800 |
| Blind Persons allowance | £2,100 | £1,980 |
Note 1 – From 5th April 2010 the Personal Allowance reduces where income is above £100,000 by £1 for every £2 of income above the £100,000 limit. This reduction applies to all people irrespective of age
Note 2 – Tax relief for the Married Couples allowance is given at 10%. These allowances reduce by £1 for every £2 of taxable income where the income is above the limits given above. The reduction in the allowance will not reduce below the Personal Allowance or the minimum amount of the Married Couples Allowance
Key Dates
| 31 July 2011 | The date by which the second payment on account in respect of 2010/2011 must be paid |
| 31 October 2011 | Deadline for submission of a HMRC paper tax return for 2010/2011 |
| 5 October 2011 | Deadline for notifying HMRC of new sources of income unless a 2011/2012 tax return has already been issued |
| 30 December 2011 | Deadline for e-filing the tax return where the tax payer requires the 2010/2011 balancing payment to be collected through the next years tax code (less than £2000) |
| 31 January 2012 | Deadline for submitting online your 2010/2011 self assessment tax return. It is also the date by which the tax payer will be required to settle the 2010/2011 balancing payment and make the first payment on account in respect of 2011/2012 |
Capital Gains Tax
| Capital Gains Tax | 2012 – 2013 | 2011 – 2012 |
| Annual exempt amount | ||
| Individuals etc | £10,600 | £10,600 |
| Trustee | £5,300 | £5,300 |
Since 1 April 2008 CGT is charged at a standard rate of 18% & higher rate of 28% Trusts at 28%
Entrepreneurs Relief gives an effective rate of 10% on gains up to £10 million. It is available in respect of gains made on the disposal of a business, gains made on the disposal of all or part of a business, gains made on the disposal of assets following the cessation of a business, or gains made by certain individuals involved in the running of a business
ISA Limits
| ISA | 2012 – 2013 |
| Stocks & Shares | £11,280 |
| Cash | £5,640 |
| Junior | £3,600 |
| CPI indexed each year |
Inheritance Tax
| Inheritance Tax | 2012 – 2013 frozen to 2015 | 2011 – 2012 |
| No tax change arises up to | £325,000 | £325,000 |
| Balance taxed at 40% above | £325,000 | £325,000 |
| Tapering relief is given in respect of gifts made between 3 and 7 years before death. Where tax is payable on lifetime gifts (other than those taxable only because they are made within 7 years of death) tax is charged at 20% |
Stamp Duty
| Stamp Duty – transfer of Land & Buildings | Residential Land in the UK | Non – Residential | |
| Disadvantaged Areas withdrawn 06/04/2013 |
All Other Areas | All Land | |
| Zero | £0 to £150,000 | £0 to £125,000 | £0 to £150,000 |
| 1% | Over £150,000 – £250,000 | Over £125,000 – £250,000 | Over £150,000 – £250,000 |
| 3% | Over £250,000 – £500,000 | Over £250,000 – £500,000 | Over £250,000 – £500,000 |
| 4% | £500,000 – £1M | £500,000 – £1M | Over £500,000 |
| 5% | £1M – £2M | £1M – £2M | |
| 7% | Over £2M | Over £2M | |
| Shares & Securities | 0.5% |
National Insurance Contributions
| National Insurance Class 1 | 2012 – 2013 |
| Men over 65, Women over 60 and children under 16 do not pay Class 1 contributions | |
| Employees Earnings Limit | Weekly . Monthly Yearly |
| Lower Earnings Limit (LEL) The minimum level of earnings employees need to qualify for benefit |
£107 . £464 . £5,564 |
| Primary earnings threshold (PET) The level of earnings above which employees pay 12% Class 1 contributions up to UEL |
£146. £634. £7,605 |
| Secondary earnings threshold (ST) | £144. £624. £7,488 |
| Upper Accrual Point (UAP) | £770 . £3,337. £40,040 |
| Upper Earnings Limit (UEL) Employees pay 2% Class 1 contributions above this level. |
£817 . £3,540 . £42,475 |
| Employees Class 1 NI rates | 2012 – 2013 |
| Upto PET (£7,605) | Nil |
| PET to UEL (£7,605 – £42,475) | 12% |
| UEL + (£42,475) | 2% |
| Contracted OUT Rebate Salary related | 1.6% |
| Employers Class 1A NI rates on most taxable benefits | 2012 – 2013 |
| Up to Secondary Threshold (£7,488) | Nil% |
| Over Secondary Threshold (£7,488) | 13.8% |
| National Insurance Class 2 | 2012 – 2013 |
| Self Employed National Insurance | |
| On annual earnings over | £5,564 |
| Weekly contribution | £2.65 |
| Annual contribution | £137.80 |
| National Insurance Class 3 | 2012 – 2013 |
| Voluntary Contributions | |
| Weekly contribution | £13.25 |
| Annual contribution | £689.00 |
| National Insurance Class 4 | 2012 – 2013 |
| Self Employed National Insurance on taxable profits between | |
| Lower Limit | £7,605 |
| Upper Limit | £42,475 |
| Rate applied | 9% of £7,605 to £42,475 then 2% |