Tax Tables
Independent Financial Advisor Limited Tax Tables 2011-12
Income tax, capital gains tax, and inheritance tax |
2010-11 |
2011-12 |
Income tax personal and age-related allowances |
£6,475 |
£7,475 |
Personal allowance (age 65-74) |
£9,490 |
£9,940 |
Personal allowance (age 75 and over) |
£9,640 |
£10,090 |
Married couple's allowance* (age 75 and over) |
£6,965 |
£7,295 |
Married couple's allowance* - minimum amount |
£2,670 |
£2,800 |
Income limit for age-related allowances |
£22,900 |
£24,000 |
Blind person's allowance |
£1,890 |
£1,980 |
Capital gains tax annual exempt amount |
|
|
Individuals etc. |
£10,100** |
£10,600 |
Most trustees |
£5,050 |
£5,300 |
Inheritance tax threshold |
£325,000 |
£325,000 |
Pension schemes allowances |
|
|
Annual Allowance |
£255,000 |
£50,000 |
Lifetime Allowance |
£1,800,000 |
£1,800,000 |
*Married couple's allowance is given at the rate of 10 per cent.
** From 06/04/2008 a new entrepreneurs' relief was introduced. The first £1 million of qualifying gains (lifetime total) is taxed at an effective rate of 10% and any excess is charged at 18%.
Income tax: taxable bands |
2010-11 |
2011-12 |
Starting rate: 10%* |
£2,440 |
£2,560 |
Basic rate: 20% |
£0-£37,400 |
£0-£35,000 |
Higher rate: 40% |
Over £37,401-£150,000 |
£35,001-£150,000 |
Higher rate: 50% |
Over £150,000 |
Over £150,000 |
* A new 10% starting rate for savings income only is introduced from 06/04/2008 (no longer applies to earned income and pensions). The 20% (lower rate) for savings is merged with the basic rate. Dividend income is taxed at 10% (income up to the basic rate) and 32.5% (higher rate).
Corporation tax on profits |
2010-11 |
2011-12 |
Small Companies Rate £1-£300,000* |
21% |
20% |
Marginal relief applies £300,001 - £1,500,000 |
Marginal Relief |
Marginal Relief |
Main Rate £1,500,001 or more |
28% |
26% |
A company's capital gains are charged to tax at its Corporation Tax rate.
* The small companies' rate applies to the first £300,000 of profits (whether retained or distributed as dividends).
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