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14.03.2013

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

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