Main Income Tax Allowances and Reliefs Tax Tables 2013/14 2

Transcription

1 Tax Tables 2013/14

2 Main Income Tax Allowances and Reliefs Tax Tables 2013/ /13 ( ) 2013/14 ( ) Personal allowance standard 8,105 9,440 Born between 6 April 1938 and 5 April ,500 10,500 Born before 6 April ,660 10,660 Personal allowance reduced if total income exceeds 100, ,000 Married couple s allowance* minimum amount 2,960 3,040 maximum amount 7,705 7,915 Maintenance to former spouse* 2,960 3,040 Age-related allowances reduced if total income exceeds** 25,400 26,100 Employment termination lump sum limit 30,000 30,000 For 2012/13 and 2013/14 the reduction is 1 for every 2 additional income over 100,000. As a result there is no personal allowance if total income exceeds 118,880 ( 116,210 for 2012/13). *Relief at 10%. Available only if at least one of the couple was born before 6 April **For 2012/13 and 2013/14 the reduction is 1 for every 2 additional income over the total income threshold.

3 Main Income Tax Allowances and Reliefs Continued Tax Tables 2013/14 3 Standard allowance(s) only are available if total income exceeds: 2012/13 ( ) 2013/14 ( ) Taxpayer born between 6 April 1938 and 5 April 1948 [personal allowance] 30,190 28,220 Taxpayer born before 6 April 1938 [personal allowance] 30,510 28,540 Taxpayer born before 6 April 1935 [married couple s allowance] 40,000 38,290

4 Income Tax Rates Tax Tables 2013/ / /14 Starting rate on savings income 10% 1 2, ,790 Basic rate 20% 20% Maximum tax at basic rate* 6,874 6,402 Higher rate - 40% 34,371-32, , ,000 Tax on first 150,000* 53, , Additional rate on income over 150,000 50% 45% Discretionary and accumulation trusts (except dividends)** 50% 45% Discretionary and accumulation trusts (dividends)** 42.5% 37.5% Ordinary rate on dividends 10% 10% Higher rate on dividends 32.5% 32.5% Additional rate on dividends 42.5% 37.5% *Assumes 10% band not available. 6,123 on first 32,010 ( 6,603 on first 34,370 in 2012/13) and 53,319 ( 52, in 2012/13) on first 150,000 if full 10% band is available. **Up to the first 1,000 of gross income is generally taxed at the standard rate, ie. 20% or 10% as appropriate.

5 Car Benefits Tax Tables 2013/14 5 For petrol cars with an approved CO emission figure. 2 CO 2 % of price CO 2 % of price CO 2 % of price g/km subject to tax g/km subject to tax g/km subject to tax or less The charge is based on a percentage of the car s price. Price for this purpose is the list price at the time the car was first registered plus the price of extras. For cars first registered after 31 December 1997 the charge, based on the car s price, is graduated according to the level of the car s approved CO2 emissions Notes 1. The exact CO2 emissions figure should be rounded down to the nearest 5 g/km for levels of 95g/km or more (100g/km or more in 2012/13). 2. For all diesels add 3%, subject to maximum charge of 35%. 3. There is no charge for any car which cannot produce CO2.

6 Car Benefits Continued Tax Tables 2013/14 6 For cars with no approved CO emissions figure, the charge is based on engine size. 2 Engine Size (cc) Percentage of car s price charged to tax 0 1, ,401 2, ,001 and more 35 Car Fuel Benefits For cars with an approved CO2 emission figure, the benefit is based on a flat amount of 21,100 ( 20,200 for 2012/13). To calculate the amount of the benefit the percentage figure in the above car benefits table (that is from 10% to 35%) is multiplied by 21,100. The percentage figures allow for a diesel fuel surcharge. For example, in 2013/14 a petrol car emitting 147 g/km would give rise to a fuel benefit of 21% of 21,100 = 4,431.

7 Inheritance Tax Tax Tables 2013/14 7 Cumulative chargeable transfers [gross] 2012/13 ( ) 2013/14 ( ) tax rate on death % tax rate in lifetime* % Nil rate band** 325, , Excess No Limit No Limit *Chargeable lifetime transfers only. **On the death of a surviving spouse on or after 9 October 2007, their personal representatives may claim up to 100% of any unused proportion of the nil rate band of the first spouse to die (regardless of their date of death). 36% where at least 10% of net estate before deducting the charitable legacy is left to charity.

8 Capital Gains Tax Main Exemptions and Reliefs Tax Tables 2013/ /13 ( ) 2013/14 ( ) Annual exemption 10,600* 10,900* Principal private residence exemption No limit No limit Chattels exemption 6,000 6,000 Entrepreneurs relief Lifetime cumulative limit 10,000,000. Gains taxed at 10% Lifetime cumulative limit 10,000,000. Gains taxed at 10% *Reduced at least by 50% for most trusts. Rates of tax Individuals: 18% on gains within basic rate band, 28% for gains in higher and additional rate bands Trustees and personal representatives: 28%

9 Stamp Duty and Stamp Duty Land Tax Tax Tables 2013/14 9 Residential Commercial Rate 125,000 or less 150,000 or less Nil Over 125,000 up to 250,000 Over 150,000 up to 250,000 1% Over 250,000 up to 500,000 Over 250,000 up to 500,000 3% Over 500,000 up to 1,000,000 Over 500,000 4% Over 1,000,000 up to 2,000,000 N/A 5% Over 2,000,000 N/A 7%* *15% for purchases by certain non-natural persons Stamp Duty (including SDRT): stocks and marketable securities No stamp duty charge unless the duty exceeds 5 0.5%

10 Corporation Tax Tax Tables 2013/14 10 Year Ending 31 March Main rate 24% 23% Small profits rate* 20% 20% Small profits limit* 300, ,000 Upper marginal level 1,500,000 1,500,000 Effective marginal rate 25% 23.75% *Formerly the small companies rate/limit

11 Tax-Privileged Investments (Maximum Investment) Tax Tables 2013/ /13 ( ) 2013/14 ( ) ISA Overall per tax year: 11,280 11,520 Cash component: 5,640 5,760 Stocks and shares component: Balance up to 11,280 Balance up to 11,520 Maximum in cash for 16 and 17 year olds 5,640 5,760 Junior ISA 3,600 3,720 Enterprise Investment Scheme (30% income tax relief) Maximum carry back to previous tax year for income tax relief Seed Enterprise Investment Scheme (50% income tax relief) Venture Capital Trust (30% income tax relief) 1,000,000* 1,000,000* 1,000,000 1,000, ,000** 100,000** 200, ,000 *No limit for CGT reinvestment relief. **100% CGT reinvestment exemption in 2012/13 and 50% exemption in 2013/14

12 Pensions Tax Tables 2013/ / /14 Lifetime allowance* 1,500,000 1,500,000 Lifetime allowance charge: Excess drawn as cash Excess drawn as income 55% of excess 25% of excess Annual allowance 50,000 50,000 Annual allowance charge Maximum relievable personal contribution 20%-50% of excess 20%-45% of excess 100% relevant UK earnings or 3,600 gross if greater *May be increased under 2006 or 2012 transitional protection provisions

13 National Insurance Contributions Tax Tables 2013/14 13 Class 1 Employee Not Contracted Out of State Second Pension (S2P) 2012/ /14 Employee Employer Employee Employer Main NIC rate 12% 13.8% 12% 13.8% No NICs on first 146 pw 144 pw 149 pw 148 pw Main NIC charged up to 817 pw No limit 797 pw No limit Additional NIC rate on earnings over 2% 817 pw N/A 2% 797 pw N/A Certain married women 5.85% 13.8% 5.85% 13.8% Contracted Out Rebates 2012/ /14 Rebate on pw pw Salary-related scheme only 3.4% 1.4% 3.4% 1.4%

14 National Insurance Contributions Continued Tax Tables 2013/14 14 Limits and Thresholds 2012/ /14 Weekly Yearly Weekly Yearly Lower earnings limit 107 5, ,668 Secondary earnings threshold 144 7, ,696 Primary earnings threshold 146 7, ,755 Upper accrual point , ,040 Upper earnings limit , ,450

15 National Insurance Contributions Continued Tax Tables 2013/14 15 Self-employed and non-employed 2012/ /14 Class 2 Flat rate Small earnings exception Class 4 (Unless over state pension age on 6 April) On profits Class 3 (Voluntary) 2.65 pw 5,595 pa 7,605 42,475 pa: 9% Over 42,475 pa: 2% 2.70 pw 5,725 pa 7,755 41,450 pa: 9% Over 41,450 pa: 2% Flat rate pw pw

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