Tax tables
| Income Tax: Bands of taxable income |
2010/11 |
2011/12 |
|
£ |
£ |
| Starting rate for savings |
0 - 2,440 |
0 - 2,560* |
| Basic rate |
0 - 37,400 |
0 - 35,000 |
| Higher rate |
37,401 - 150,000 |
35,001 - 150,000 |
| Additional rate |
Over 150,000 |
Over 150,000 |
| Income Tax rates |
2010/11 |
2011/12 |
|
£ |
£ |
| Starting rate for savings |
10% |
10%** |
| Basic Rate |
20% |
20% |
| Higher Rate |
40% |
40% |
| Additional Rate |
50% |
50% |
| Basic rate on dividends (effective rate with tax credit) |
10% (0%) |
10% (0%) |
| Higher rate on dividends (effective rate with tax credit) |
32.5% (25%) |
32.5% (25%) |
| Additional rate on dividends (effective rate with tax credit) |
42.5% (36.1%) |
42.5% (36.1%) |
| Income Tax allowance |
2010/11 |
2011/12 |
|
£ |
£ |
| Personal allowance |
|
|
| Age under 65 |
6,475 |
7,475 |
| Age-related allowance (65-74) |
9,490 |
9,940 |
| Age-related allowance (75+) |
9,640 |
10,090 |
| Income limit for age related |
22,900 |
24,000 |
| Allowances |
2010/11 |
2011/12 |
| Married couples allowance*** |
£ |
£ |
| Age over 75 |
6,965 |
7,295 |
| Minimum amount |
2,670 |
2,800 |
| Blind person’s allowance |
1,890 |
1,980 |
| Allowances |
2010/11 |
2011/12 |
| Capital Gain Tax exemption |
£10,100 |
£10,600 |
| Inheritance Tax threshold |
£325,000 |
£325,000 |
| For capital gains above the exemption, tax is payable at 18% for basic rate tax payers and 28% for higher rate. |
* From 6 April 2008, the 10% starting rate was abolished for all earned income. However, if an individual's taxable savings income falls within £2,560 then the 10% rate will apply.
** From April 2010, the personal allowance was gradually withdrawn for income over £100,000 at a rate of £1 of allowance lost for every £2 over £100,000, until it is completely removed.
*** Available to people born before 6 April 1935. Tax relief for this allowance is restricted to 10%.
