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Tax rates and allowances
|
Tax rates and allowances
| Tax rates |
|
2009/10 |
2008/09 |
| Savings rate band to |
£2,440 |
£2,320 |
| Tax rate |
10% |
10% |
| Basic rate band - next |
£37,400 |
£34,800 |
| Income within basic rate band |
20% |
20% |
| Tax on UK dividends within basic rate bands |
10% |
10% |
| Higher rate - taxable income over |
£37,400 |
£34,800 |
| Higher tax rate |
40% |
40% |
| UK dividend rate |
32.5% |
32.5% |
| Trusts |
|
|
| Trust rate |
40% |
40% |
| Schedule F trust rate |
32.5% |
32.5% |
| Allowances that reduce taxable income |
|
|
| Personal allowance (PA) |
under 65 |
|
£6,475 |
£6,035 |
| |
65 to 74 |
|
£9,490 |
£9,030 |
| |
75 and over |
|
£9,640 |
£9,180 |
| |
Blind person's allowance |
|
£1,890 |
£1,800 |
| Allowances that reduce tax |
|
|
| Married couple's allowance (MCA) |
|
|
|
| Tax reduction |
73 to 74 |
|
£696.50 |
£653.50 |
| |
75 and over |
|
£696.50 |
£662.50 |
| The age-related allowances are progressively withdrawn if income exceeds |
£22,900 |
£21,800 |
| Minimum PA |
£6,475 |
£6,035 |
| Minimum MCA tax reduction |
£267 |
£254 |
| Tax Shelters |
|
|
| Enterprise Investment Scheme up to |
£500,000 |
£500,000 |
| Venture Capital Trust up to |
£200,000 |
£200,000 |
| CGT Annual Exemption (Individuals) |
£10,100 |
£9,600 |
| CGT Rate |
£18% |
£18% |
| Golden Handshake max. |
£30,000 |
£30,000 |
| Rent a Room - exempt on gross annual rent up to |
£4,250 |
£4,250 |
| Construction Industry Scheme - deduction rate |
|
|
| Standard rate - registered |
20% |
20% |
| Higher rate - not registered |
30% |
30% |
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Capital Gains Tax
