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Tax rates and allowances
Tax rates 2007/08 2008/09
Starting rate band to £2,230 £0.00
Tax rate 10% 0%
Basic rate band - next £32,370 £34,800
Income within basic rate band 22% 20%
Tax on UK dividends within starting and basic rate bands 10% 10%
Higher rate - taxable income over £34,600 £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 £5,225 £6,035
  65 to 74 £7,550 £9,030
  75 and over £7,690 £9,180
  Blind person's allowance   £1,730 £1,800
Allowances that reduce tax    
Married couple's allowance (MCA)      
Tax reduction 73 to 74 £628.50 £653.50
  75 and over £636.50 £662.50
The age-related allowances are progressively withdrawn if income exceeds £20,900 £21,800
Minimum PA £5,225 £6,035
Minimum MCA tax reduction £244 £254
Tax Shelters    
Enterprise Investment Scheme up to £400,000 £500,000
Maximum amount for Enterprise Investment Scheme carry back £50,000 £25,000
Venture Capital Trust up to £200,000 £200,000
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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