Taxation Data

Income Tax
2012/13
2011/12
Personal Allowance (under 65) - max
£8,105
£7,475
Personal Allowance (65 - 74) - max
£10,500
£9.940
Personal Allowance (75 and over) - upper limit
£10,660
£10,090
For income > £100,000, Personal Allowances are removed at the rate of £1 for every £2 income
   
20% basic rate tax band - upper limit
£34,370
£35,000
40% higher rate tax band
£150,000
£150,000
50% additional rate tax band
> £150,000
> £150,000


National Insurance Contributions
2012/13
2011/12
Class 1 - Employee's Contribution (weekly pay)
0% band
£146
£139
12% band
£146 - £817
£139 - £817
2% on earnings over
£817
£817
Class 1 - Employer's Contribution (weekly pay)
0% band
£144
£136
13.8% on earnings over
£110
£136
Class 2 - Self employed
Weekly flat rate
£2.65
£2.50
Where earnings exceed
£5,595
£5,315
Class 4 - Self employed
9% band
£7,605 - £42,475
£7,225 - £42,475
2% band - earnings in excess of
£42,475
£42,475
Class 3 - Voluntary contributions (weekly)
£13.25
£12.60


Capital Gains Tax
2012/13
2011/12
Annual Exemption
£10,600
£10,600
Basic Rate taxpayer
18%
18%
Higher Rate taxpayer
28%
28%
Entrepreneurs' Relief
   
Lifetime Limit
£10m
£10m
Effective rate of CGT

10%
10%


Value Added Tax
2012/13
2011/12
Registration Limit
£77,000
£73,000


Corporation Tax
2012/13
2011/12
Small companies rate
20%
20%
Full rate
24%
26%
Marginal rate
25%
27.5%
Marginal rate lower limit (reduced for related companies)
£300,000
£300,000
Marginal rate upper limit (reduced for related companies)
£1,500,000
£1,500,000


Motor Cars
2010/11
2011/12
Business use of own car:
Tax free rate for business miles < 10,000
45p
45p
Tax free rate for business miles > 10,000
25p
25p
Company car - based on original list price and CO2 emissions