Rates and Allowances
Income tax, capital gains tax, and inheritance tax
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%
Source: HMRC Capital Gains Tax rates
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. Source: HMRC Corporation Tax rates
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£2,500Source: Tables confirming tax and tax credit rates and thresholds for 2013-14
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£3,720Stamp 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