Tax Rates and Allowances
|
2009-10 (£) |
2010-11 (£) |
Increase (£) |
| INCOME TAX ALLOWANCES: |
| Personal allowance |
6,475 |
6,475 |
- |
| CAPITAL GAINS TAX ANNUAL EXEMPT AMOUNT: |
| Individuals etc: |
10,100 |
10,100 |
- |
| Inheritance tax threshold |
325,000 |
325,000 |
- |
| PENSIONS SCHEMES: |
| Annual allowance: |
£ 245,000 |
£ 255,000 |
+10,000 |
| Lifetime allowance: |
1,750,000 |
1,800,000 |
+50,000 |
Taxable Bands
| Taxable bands 2009-10 (£) |
Taxable bands 2010-11 (£) |
| Savings rate 10% |
2,440 |
Savings rate 10% |
- |
| Basic rate 20% |
0 - 37,400 |
Basic rate 20% |
0 - 37,400 |
| Higher rate 40% |
Over 37,401 |
Higher rate 40% |
Over 37,401-150,000 |
Corporation Tax Rates
| Band |
Corporation tax profits 2009-10 (£) |
Corporation tax profits 2010-11 (£) |
| 0 - 300,000 |
21% |
21% |
| 300,001 - 1,500,000 |
Marginal relief |
Marginal relief |
| 1,500,001 or more |
28% |
28% |
*The Small Companies rate fell to 20%, effective from 2011.
National Insurance Rates
|
2009-10 |
2010-11 |
| Primary threshold |
£110 per week |
£110 per week |
| Secondary threshold |
£110 per week |
£110 per week |
| Employees' primary class 1 rate on earnings between primary threshold and upper earnings limit |
11% of £110.01 to £844 per week 1% above £844 per week |
11% of £110.01 to £844 per week 1% above £844 per week |
| Employers' secondary Class 1 rate |
12.8% on earnings above £110 per week |
12.8% on earnings above £110 per week |
| Class 4 rate |
8% of £5,715 to £43,875 per year 1% above £43,875per year |
8% of £5,715 to £43,875 per year 1% above £43,875 per year |
| Class 4 lower profits limit |
£5,715 per year |
£5,715 |
| Class 4 upper profits limit |
£43,875 per year |
£43,875 |