Income Tax Rates
Starting
savings rate– 10% £ 0- £2,560 £ 0- £2,440
Basic rate– 20% £ 0- £35,000 £ 0- £37,400
Higher rate– 40% £ 35,001-£150,000 £37,401-£150,000
Additional rate Over £150,000 Over £150,000
Corporation Tax
Year ending Year ending
31/3/2012 31/3/2011
Standard rate 26% 28%
Marginal relief fraction 3/200 7/400
Small companies rate 20% 21%
On profits £ 0-£ 300,000 £ 0-£ 300,000
Marginal relief
for profits £ 300,001-£ 1,500,00 £ 300,001-£ 1,500,00
Marginal relief fraction 3/200 7/400
Inheritance Tax
2011/2012 2010/2011
First £325,000 Nil Nil
Tax on excess 40 % 40%
Relief on gifts made within 7 years of death
Years before death Death charge percentage
0-3 100%
3-4 80%
4-5 60%
5-6 40%
6-7 20%
Main Allowances and Reliefs
Allowance/Relief 2011/2012 2010/2011
Personal
Age up to 64 £ 7,475 £ 6,475
Age 65-74 £ 9,940 £ 9,490
Age 75 and over £ 10,090 £ 9,640
Income limit for under £100,000 £100,000
65 personal allowance
Married couple’s
Aged 75 and over £ 7,295 £ 6,965
Married couples allowance- £ 2,800 £ 2,670 minimum allowance
Income limit– £ 24,000 £ 22,900 age allowance
Blind person £ 1,980 £ 1,890
Venture capital trusts £ 200,000 @ 30% £ 200,000 @ 30%
Maintenance payments £ 2,800 £ 2,670
ISA’s- £10,680 £10,200 maximum Investment If over the age of 50 £10,680 £10,200
Value Added Tax
Period ending Period ending 04/01/2011 03/01/2011 Standard rate 20% 17.5%
VAT fraction 1/6 7/47
Registration £ 73,000 from £ 70,000 from threshold 01/04/2011 01/04/2010 Deregistration £ 71,000 from £ 68,000 from threshold 01/04/2011 01/04/2010 Cash accounting scheme- £ 1.60 million £ 1.35 million max turnover Annual accounting scheme- £ 1.60 million £1.35million max turnover
Flat rate scheme- £ 230,000 £ 225,000 max turnover
VAT fraction
