Tax Rates
2010/11
The following is a guide only and does not purport to be a comprehensive or exhaustive source. For more detail please consult your professional adviser or refer to HMRC's website http://www.hmrc.gov.uk/
Income Tax Allowances
|
Personal allowance (under 65) |
£6,475 |
|
Personal allowance (65-74) |
£9,490 |
|
Personal allowance (75 and over) Note: income limit for Personal allowances is now £100,000 |
£9,640 |
Income Tax Rates
|
0 - £37,400 |
20% |
|
£37,401 - £150,000 £150,000 plus |
40% 50% |
Note: UK Dividends have a 10% tax credit associated with them and are therefore deemed to be paid net of 10% tax. UK basic rate taxpayers therefore pay no further tax on UK dividends. UK "higher rate" (40%) taxpayers are required to pay an additional 25% of the net dividend (ie 32.5% of the gross dividend). UK "additional rate" (50%) taxpayers pay an additional 36.11% of the net dividend (ie 42.5% of the gross dividend).
For savings income there is a "starting rate" of 10% for those on low incomes.
Capital Gains Tax Allowances
|
Individuals |
£10,100 |
|
Settlements |
£5,050 |
Inheritance Tax
|
Nil Rate Band |
£325,000
|
2009/10
The following is a guide only and does not purport to be a comprehensive or exhaustive source. For more detail please consult your professional adviser or refer to HMRC's website http://www.hmrc.gov.uk/
Income Tax Allowances
|
Personal allowance (under 65) |
£6,475 |
|
Personal allowance (65-74) |
£9,490 |
|
Personal allowance (75 and over) |
£9,640 |
Income Tax Rates
|
0 - £37,400 |
20% |
|
Over £37,400 |
40% |
Note: UK dividends have a 10% tax credit associated with them. UK basic rate taxpayers therefore pay no further tax on UK dividends. UK higher rate taxpayers are required to pay an additional 25% of the net dividend (ie 32.5% of the gross dividend).
For savings income there is a "starting rate" of 10% for those on low incomes.
Capital Gains Tax Allowances
|
Individuals |
£10,100 |
|
Settlements |
£5,050 |
Inheritance Tax
|
Nil Rate Band |
£325,000 |