SME Accountants Southend United Kingdom Tax Card

Income Tax allowances 2011-12 2010-11 2009-10
Personal Allowance 7475 6475 6475
Income limit for Personal Allowance 100000 100000 NA
Personal Allowance for people aged 65-74 9940 9490 9490
Personal Allowance for people aged 75 and over 10090 9640 9640
Married Couple’s Allowance (born before 6th April 1935 but aged under 75) NA NA NA
Married Couple’s Allowance (born before 6th April 1935 and aged 75 and over) 7295 6965 6965
Income limit for age-related allowances 24000 22900 22900
Minimum amount of Married Couple’s Allowance 2800 2670 2670
Blind Person’s Allowance 1980 1890 1890

Income Tax rates and taxable bands

Rates 2011-12 2010-11 2009-10
Starting rate for savings: 10%* £0-£2,560 £0-£2,440 £0-£2,440
Basic rate: 20% £0-£35,000 £0-£37,400 £0-£37,400
Higher rate: 40% £35,001-£150,000 £37,401-
£150,000
Over £37,400
Additional rate: 50% Over £150,000 Over £150,000 NA

National Insurance contributions – rates and allowances

£ per week 2011-12 2010-11 2009-10
Lower earnings limit, primary Class 1 £102 £97 £95
Upper earnings limit, primary Class 1 £817 £844 £844 £844
Upper accrual point £770 £770 £770
Primary threshold £139 £110 £110
Secondary threshold £136 £110 £110
Employees’ primary Class 1 rate between primary threshold and upper earnings limit 12% 11% 11%
Employees’ primary Class 1 rate above upper earnings limit 12% 11% 11%
Employees’ primary Class 1 rate between primary threshold and upper earnings limit 2% 1% 1%
Class 1A rate on employer provided benefits (1) 13.80% 12.80% 12.80%
Employees’ contracted-out rebate 1.60% 1.60% 1.60%
Married women’s rate above upper earnings limit 2% 1% 1%
Employers’ secondary Class 1 rate above secondary threshold 13.80% 12.80% 12.80%
Employers’ contracted-out rebate, salary-related schemes 3.70% 3.70% 3.70%
Employers’ contracted-out rebate, money-purchase schemes 1.40% 1.40% 1.40%
Class 2 rate £2.50 £2.40 £2.40
Class 2 small earnings exception £5,315 per year £5,075 per year £5,075 per year
Special Class 2 rate for share fishermen £3.15 £3.05 £3.05
Special Class 2 rate for volunteer development workers £5.10 £4.85 £4.75
Class 3 rate £12.60 £12.05 £12.05
Class 4 lower profits limit £7,225 per year £5, 715 per year £5, 715 per year
Class 4 upper profits limit £42,475 per year £43, 875 per year £43, 875 per year
Class 4 rate between lower profits limit and upper profits limit 9% 8% 8%
Class 4 rate above upper profits limit 2% 1% 1%
Additional primary Class 1 percentage rate on deferred employments 2% 1% 1%
Additional Class 4 percentage rate where deferment has been granted 2% 1% 1%

Corporation Tax rates Rates for financial years starting on 1 April

Rate 2011 2010 2009
Small Profits Rate* 20%* 21%* 21%*
Small Profits Rate can be claimed by qualifying companies with profits at a rate not exceeding £300,000 £300,000 £300,000
Marginal Relief Lower Limit £300,000 £300,000 £300,000
Marginal Relief Upper Limit £1,500,000 £1,500,000 £1,500,000
Standard fraction 3/200 7/400 7/400
Main rate of Corporation Tax* 26%* 28%* 28%*

Capital Gains Tax Annual Exempt Amounts

Customer group 2011-12 2010-11 2010-11 2009-10
Individuals, personal representatives and trustees for
disabled people
10600 10100 10100
Other trustees £5,300 £5,050 £5,050

Rates for Capital Gains Tax

2010-11 and 2011-12

For gains on or before 22 June 2010, Capital Gains Tax is

charged at a flat rate of 18 per cent.

The following Capital Gains Tax rates apply to gains after this date:

  • 18 per cent and 28 per cent tax rates for individuals (the tax rate you use depends on
    the total amount of your taxable income, so you need to work this out first )
  • 28 per cent for trustees or for personal representatives of someone who has died
  • 10 per cent for gains qualifying for Entrepreneurs’ Relief

Inheritance Tax thresholds

From To Threshold/nil rate band
06-Apr-09 £325,000
06-Apr-08 05-Apr-09 £312,000
06-Apr-07 05-Apr-08 £285,000
06-Apr-05 05-Apr-06 £275,000
06-Apr-04 05-Apr-05 £263,000
06-Apr-03 05-Apr-04 £255,000
06-Apr-02 05-Apr-03 £250,000
06-Apr-01 05-Apr-02 £242,000
06-Apr-00 05-Apr-01 £234,000
06-Apr-99 05-Apr-00 £231,000
06-Apr-98 05-Apr-99 £223,000
06-Apr-97 05-Apr-98 £215,000
06-Apr-96 05-Apr-97 £200,000
06-Apr-95 05-Apr-96 £154,000
10-Mar-92 05-Apr-95 £150,000
06-Apr-91 09-Mar-92 £140,000
06-Apr-90 05-Apr-91 £128,000
06-Apr-89 05-Apr-90 £118,000
15-Mar-88 05-Apr-89 £110,000
17-Mar-87 14-Mar-88 £90,000
18-Mar-86 16-Mar-87 £71,000

Capital Transfer Tax’ (Inheritance Tax thresholds) – 17 March 1986 back to 13 March 1975
for England, Wales, Scotland and Northern Ireland

From To Threshold/nil rate band
06-Apr-85 17-Mar-86 £67,000
13-Mar-84 05-Apr-85 £64,000
15-Mar-83 12-Mar-84 £60,000
09-Mar-82 14-Mar-83 £55,000
26-Mar-80 08-Mar-82 £50,000
27-Oct-77 25-Mar-80 £25,000
13-Mar-75 26-Oct-77 £15,000

‘Estate Duty’ (Inheritance Tax thresholds) – 12 March 1975 back to 16 August 1914 for England, Wales and Scotland

From To Threshold/nil rate band
22-Mar-72 12-Mar-75 £15,000
31-Mar-71 21-Mar-72 £12,500
16-Apr-69 30-Mar-71 £10,000
04-Apr-63 15-Apr-69 £5,000
09-Apr-62 03-Apr-63 £4,000
30-Jul-54 08-Apr-62 £3,000
10-Apr-46 29-Jul-54 £2,000
16-Aug-14 09-Apr-46 £100

‘Estate Duty’ (Inheritance Tax thresholds) – 12 March 1975 back to 16 August 1914 for Northern Ireland only

From To Threshold/nil rate band
22-Mar-72 12-Mar-75 £15,000
05-May-71 21-Mar-72 £12,500
04-Jun-69 04-May-71 £10,000
22-May-63 03-Jun-69 £5,000
04-Jul-62 21-May-63 £4,000
01-Nov-54 03-Jul-62 £3,000
29-Aug-46 31-Oct-54 £2,000
16-Aug-14 28-Aug-46 £100

Interest rates for Inheritance Tax
The following table shows interest periods and rates since October 1988.

Interest period Interest rate (%) Interest on repayments (%) Days
29 Sept 2009 to present day 3% 0.50%
24 March 2009 to 28 Sept 2009 0% 0% 189
27 Jan 2009 to 23 March 2009 1% 1% 56
6 Jan 2009 to 26 Jan 2009 2% 2% 21
6 Nov 2008 to 5 Jan 2009 3% 3% 61
6 Jan 2008 to 5 Nov 2008 4% 4% 304
6 August 2007 to 5 Jan 2008 5% 5% 153
6 Sept 2006 to 5 August 2007 4% 4% 334
6 Sept 2005 to 5 Sept 2006 3% 3% 365
6 Sept 2004 to 5 Sept 2005 4% 4% 365
6 Dec 2003 to 5 Sept 2004 3% 3% 275
6 August 2003 to 5 Dec 2003 2% 4% 122
6 Nov 2001 to 5 August 2003 3% 3% 638
6 May 2001 to 5 Nov 2001 4% 4% 184
6 Feb 2000 to 5 May 2001 5% 3% 455
6 March 1999 to 5 Feb 2000 4% 4% 337
6 Feb 2000 to 5 May 2001 5% 3% 1612
6 Jan 1994 to 5 Oct 1994 4% 4% 273
6 Dec 1992 to 5 Jan 1994 5% 3% 396
6 Nov 1992 to 5 Dec 1992 4% 4% 30
6 July 1991 to 5 Nov 1992 5% 3% 489
6 Nov 1992 to 5 Dec 1992 4% 4% 30
6 May 1991 to 5 July 1991 9% 9% 61
6 March 1991 to 5 May 1991 10% 10% 61
6 July 1989 to 5 March 1991 11% 11% 608
6 Oct 1988 to 5 July 1989 9% 9% 273

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