Tax Rates and Allowances:-
|
£ per year (unless stated)
|
2006-07 |
2007-08
|
| Income tax personal and age-related allowances | ||
| Personal allowance (age under 65) | £5,035 |
£5,225
|
| Personal allowance (age 65-74) | £7,280 |
£7,550
|
| Personal allowance (age 75 and over) | £7,420 |
£7,690
|
| Married couple's allowance* (aged less than 75 and born before 6th April 1935) | £6,065 |
£6,285
|
| Married couple's allowance* (age 75 and over) | £6,135 |
£6,365
|
| Married couple's allowance* - minimum amount | £2,350 |
£2,440
|
| Income limit for age-related allowances | £20,100 |
£20,900
|
| Blind person’s allowance | £1,660 |
£1,730
|
| * Married couple's allowance is given at the rate of 10 per cent. | ||
| Capital gains tax annual exempt amount | ||
| Individuals etc. | £8,800 |
£9,200
|
| Most trustees | £4,400 |
£4,600
|
| Inheritance tax threshold | £285,000 |
£300,000
|
| Income tax: taxable bands | ||
|
£ per year
|
2006-07 |
2007-08
|
| Starting rate: 10% | £0 - £2,150 |
£0 - £2,230
|
| Basic rate: 22% | £2,150 - £33,300 |
£2,230 - £34,600
|
| Higher rate: 40% | over £33,300 |
over £34,600
|
| Corporation tax on profits | ||
|
£ per year
|
2006-07 |
2007-08
|
| Small companies’ rate: £0- £300,000 | 19% |
20%
|
| Marginal rate : £300,000 - £1,500,000 | 32.75% |
32.50%
|
| Main rate: £1,500,000 or more | 30% |
30%
|
| National insurance contributions | ||
|
£ per week (unless stated)
|
2006-07 |
2007-08
|
| Lower earnings limit, primary class 1 | £84 |
£87
|
| Upper earnings limit, primary class 1 | £645 |
£670
|
| Primary threshold | £97 |
£100
|
| Secondary threshold | £97 |
£100
|
| Employees’ primary class 1 rate between primary threshold and upper earnings limit | 11% |
11%
|
| Employees’ primary class 1 rate above upper earnings limit | 1% |
1%
|
| Employees’ contracted-out rebate | 1.60% |
1.60%
|
| Married women’s reduced rate between primary threshold and upper earnings limit | 4.85% |
4.85%
|
| Married women’s rate above upper earnings limit | 1% |
1%
|
| Employers’ secondary Class 1 rate above secondary threshold | 12.80% |
12.80%
|
| Employers’ contracted-out rebate, salary-related schemes | 3.50% |
3.70%
|
| Employers’ contracted-out rebate, money-purchase schemes | 1% |
1.4%
|
| Class 2 rate | £2.10 |
£2.20
|
| Class 2 small earnings exception | £4,465 per year |
£4,635 per year
|
| Special Class 2 rate for share fishermen | £2.75 |
£2.85
|
| Special Class 2 rate for volunteer development workers | £4.20 |
£4.35
|
| Class 3 rate | £7.55 |
£7.80
|
| Class 4 lower profits limit | £5,035 per year |
£5,225 per year
|
| Class 4 upper profits limit | £33,540 per year |
£34,840 per year
|
| Class 4 rate between lower profits limit and upper profits limit | 8% |
8%
|
| Class 4 rate above upper profits limit | 1% |
1% |
| VAT | ||
| VAT Registration limit | £61,000 |
£64,000
|
| W R Frost & Co is the trading name of W R Frost & Co Limited - registered in England - reg no 5384849 |