Tax Tables 2013-14
Income tax personal and age-related allowances
| Per year |
2012-13 |
2013-14 |
|
| Personal allowance (age under 65) |
£8,105 |
£9,440 |
|
| Personal allowance (age 65-75) |
£10,500 |
£10,500 |
|
| Personal allowance (age 75 and over) |
£10,660 |
£10,660 |
|
| Married couple’s allowance (age 77 and over) |
£7,705 |
£7,915 |
|
| Married couple’s allowance – minimum amount |
£2,960 |
£3,040 |
|
| Income limit for age-related allowances (2013-14 figure applies to those aged 65 and over) |
£25,400 |
£26,100 |
|
| Income limit for under 65 personal allowance |
£100,000 |
£100,000 |
|
| Blind person’s allowance |
£2,100 |
£2,160 |
|
| Capital gains tax annual exempt amount | |||
| Individuals etc. |
£10,600 |
£11,000* |
|
| Most trustees |
£5,300 |
£5,500* |
|
| Individual inheritance tax allowance |
£325,000 |
£325,000 |
|
| Pension schemes allowances | |||
| Annual Allowance |
£50,000 |
£50,000 |
|
| Lifetime Allowance |
£1,500,000 |
£1,500,000 |
|
* Estimate – Awaiting confirmation that annual exempt amount will increase in line with CPI (then 1% in 2014-15)
Income tax: Taxable bands
|
2012-13 |
2013-14 |
|
| Savings starting rate*: 10% |
0-£2,710 |
0-£2,790 |
| Basic rate: 20% |
0-£34,370 |
0 – £32,010 |
| Higher rate: 40% |
£34,371 – £150,000 |
£32,011 – £150,000 |
| Additional rate: (reduced 5% in 2013-14) |
Over £150,000 (50%) |
Over £150,000 (45%) |
* Only available if non savings income is less than this amount
Capital gains tax rates
|
2012-13 |
2013-14 |
|
| Standard rate of CGT |
18% |
18% |
| Higher rate (for higher rate income tax payers) |
28% |
28% |
| Rate for Entrepreneurs |
10% |
10% |
Corporation tax on profits
| £ per year (unless stated) |
2012-13 |
2013-14 |
| £0-£300,000 |
20% |
20% |
| £300,001 – £1,500,000 |
Marginal rate |
Marginal rate |
| £1,500,001 or more |
24% |
23%* |
* Annual 1% reductions announced in 2011 Budget were accelerated with another 1% to reach a rate of 21% by 2014-15.
National insurance contributions
| per week (unless stated) |
2012-13 |
2013-14 |
| Lower earnings limit, primary Class 1 |
£107 |
£109 |
| Upper earnings limit, primary Class 1 |
£817 |
£817 |
| Upper Accruals point |
£770 |
£770 |
| Primary threshold |
£146 |
£149 |
| Secondary threshold |
£144 |
£148 |
| Employees’ primary Class 1 rate between primary threshold and upper earnings limit |
12% |
12% |
| Employees’ primary Class 1 rate above upper earnings limit |
2% |
2% |
| Employees’ contracted-out rebate – salary-related schemes |
1.4% |
1.4% |
| Married women’s reduced rate between primary threshold and upper earnings limit |
5.85% |
5.85% |
| Married women’s rate above upper earnings limit |
2% |
2% |
| Employers’ secondary Class 1 rate above secondary threshold |
13.8% |
13.8% |
| Class 2 rate |
£2.65 |
£2.70 |
| Class 2 small earnings exception (per year) |
£5,595 |
£5,725 |
| Special Class 2 rate for share fishermen |
£3.30 |
£3.35 |
| Special Class 2 rate for volunteer development workers |
£5.35 |
£5.45 |
| Class 3 rate (per week) |
£13.25 |
£13.55 |
| Class 4 lower profits limit (per year) |
£7,605 |
£7,755 |
| Class 4 upper profits limit (per year) |
£42,475 |
£41,450 |
| Class 4 rate between lower profits limit and upper profits limit |
9% |
9% |
| Class 4 rate above upper profits limit |
2% |
2% |
Working and child tax credits rates
| £ per year (unless stated) |
2012-13 |
2013-14 |
|
| Working Tax Credit | |||
| Basic element |
£1,920 |
£1,920 |
|
| Couple and lone parent element |
£1,950 |
£1,970 |
|
| 30 hour element |
£790 |
£790 |
|
| Disabled worker element |
£2,790 |
£2,855 |
|
| Severe disability element |
£1,190 |
£1,220 |
|
| Childcare element of the Working Tax Credit | |||
| Maximum eligible cost for one child |
£175pw |
£175pw |
|
| Maximum eligible cost for two or more children |
£300pw |
£300pw |
|
| Percentage of eligible costs covered |
70% |
70% |
|
| Child Tax Credit | |||
| Family element |
£545 |
£545 |
|
| Child element |
£2,690 |
£2,720 |
|
| Disabled child element |
£2,950 |
£3,015 |
|
| Severely disabled child element |
£1,190 |
1,220 |
|
| Income thresholds and withdrawal rates | |||
| First income threshold |
£6,420 |
£6,420 |
|
| First withdrawal rate |
41% |
41% |
|
| First threshold for those entitled to Child Tax Credit only |
£15,860 |
£15,910 |
|
| Income rise disregard |
£10,000 |
£5,000 |
|
| Income fall disregard |
£2,500 |
£2,500 |
|
Individual Savings Account (ISA)
| Annual ISA subscription limit |
2012-13 |
2013-14 |
| Overall limit |
£11,280 |
£11,520 |
| of which cash |
£5,640 |
£5,760 |
| of which stocks & shares |
£11,280 |
£11,520 |
| Junior ISA subscription limit |
£3,600 |
£3,720 |
VAT
From 1 April 2012 the VAT registration limit is £77,000. The standard rate of VAT since 4 January 2011 is 20%. Divide a VAT inclusive total by 6 to find the VAT.
Stamp taxes and duties
Transfers of land and buildings (consideration paid)
| Rate |
Non residential |
Residential |
|
|
Total value of consideration |
|||
| Zero |
£0-£150,000 |
£0-£125,000 |
|
| 1% |
£150,001-£250,000 |
£125,001-£250,000 |
|
| 3% |
£250,001-£500,000 |
£250,001-£500,000 |
|
| 4% |
£500,001-£1m |
£500,001-£1m |
|
| 5% |
£1,000,001-£2m |
£1,000,001-£2m |
|
| 7% |
Over £2m (from 22 March 2012) |
Over £2m |
|
