| Income Tax Allowances | 2009-10 | 2010-11 | 2011-12 | 2012-13 |
| Personal Allowance (1) | £6,475 | £6,475 | £7,475 | £8,105 |
| Income limit for Personal Allowance | N/A | £100,000 | £100,000 | £100,000 |
| Personal Allowance for people aged 65-74 (1)(2) | £9,490 | £9,490 | £9,940 | £10,500 |
| Personal Allowance for people aged 75 and over (1)(2) | £9,640 | £9,640 | £10,090 | £10,660 |
| Married Couple's Allowance for those born before 6th April 1935 (2) (3) | £6,965 | £6,965 | £7,295 | £7,705 |
| Income limit for age-related allowances | £22,900 | £22,900 | £24,000 | £25,400 |
| Minimum amount of Married Couple's Allowance | £2,670 | £2,670 | £2,800 | £2,960 |
| Blind Person's Allowance | £1,890 | £1,890 | £1,980 | £2,100 |
Tax Rates And Allowances
UKLandlordTax.co.uk
UK Property Tax Specialists
01902 711370
0800 907 8633
0800 907 8633
UKLandlord Tax.co.uk
Wolverhampton Science Park
Creative Industries Centre
Wolverhampton
West Midlands
WV10 9TG
Wolverhampton Science Park
Creative Industries Centre
Wolverhampton
West Midlands
WV10 9TG
01902 711370
0800 907 8633
0800 907 8633
UKLandlordTax.co.uk is the trading name of Thandi Nicholls Ltd Accountants Registered Office Creative Industries Centre Glaisher Drive Wolverhampton WV10 9TG Registered in England Company Number 7319439 Directors K W Nicholls FCA S S Thandi BA
Income Tax Rates And Taxable Bands
Income Tax Allowances
Capital Gains Tax Rates
Stamp Duty
Inheritance Tax
Income Tax Allowances
Capital Gains Tax Rates
Stamp Duty
Inheritance Tax
Income Tax Allowances
| Rate | 2008-09 | 2009-10 | 2010-11 | |
| Starting rate for savings: 10%* | £0-£2,320 | £0-£2,440 | £0-£2,440 | |
| Basic Rate : 20% | £0-£34,800 | £0-£37,400 | £0-£37,400 | |
| Higher Rate : 40% | Over £34,800 | Over £37,400 | Over £37,400-£150,000 | |
| Additional Rate : 50% | N/A | N/a | Over £150,000 |
(1) From the 2010-11 tax year the Personal Allowance reduces where the income is above £100, 000 - by £1 for every £2 of income above the £100,000 limit. This reduction applies irrespective of age.
(2) These allowances reduce where the income is above the income limit - by £1 for every £2 of income above the limit. For the 2008-09 and 2009-10 tax years they will never be less than the basic Personal Allowance or minimum amount of Married Couple s Allowance. However, from the 2010-11 tax year the Personal Allowance for people aged 65 to 74 and 75 and over can be reduced below the basic Personal Allowance where the income is above £100,000.
(3) Tax relief for the Married Couple s Allowance is given at the rate of 10 per cent.
(4) In the 2009-10 tax year all Married Couple s Allowance claimants in this category will become 75 at some point during the year and will therefore be entitled to the higher amount of the allowance - for those aged 75 and over.
(2) These allowances reduce where the income is above the income limit - by £1 for every £2 of income above the limit. For the 2008-09 and 2009-10 tax years they will never be less than the basic Personal Allowance or minimum amount of Married Couple s Allowance. However, from the 2010-11 tax year the Personal Allowance for people aged 65 to 74 and 75 and over can be reduced below the basic Personal Allowance where the income is above £100,000.
(3) Tax relief for the Married Couple s Allowance is given at the rate of 10 per cent.
(4) In the 2009-10 tax year all Married Couple s Allowance claimants in this category will become 75 at some point during the year and will therefore be entitled to the higher amount of the allowance - for those aged 75 and over.
Income Tax Rates and Taxable bands
* From 2008-09 there is a 10 per cent starting rate for savings income only. If your non-savings income is above this limit then the 10 per cent starting rate for savings will not apply.
The rates available for dividends for the 2008-09 and 2009-10 tax years are the 10 per cent ordinary rate and the 32.5 per cent dividend upper rate. From 2010-11 tax year, as well as these rates there is a new dividend additional rate of 42.5 per cent.
The rates available for dividends for the 2008-09 and 2009-10 tax years are the 10 per cent ordinary rate and the 32.5 per cent dividend upper rate. From 2010-11 tax year, as well as these rates there is a new dividend additional rate of 42.5 per cent.
Rates for Capital Gains Tax
2011-12 & 2012-13
Rates for individuals 18%/28%. Rates for individuals are 18% up to the limit of the basic rate income tax band (if any) and 28% on gains above that limit.
10 per cent for gains qualifying for Entrepreneurs Relief
2010-11
For gains on or before 22 June 2010, Capital Gains Tax is charged at a flat rate of 18 per cent.
The following Capital Gains Tax rates apply to gains after this date:
18 per cent and 28 per cent tax rates for individuals (the tax rate you use depends on the total amount of your taxable income, so you need to work this out first )
28 per cent for trustees or for personal representatives of someone who has died
10 per cent for gains qualifying for Entrepreneurs Relief
If you re not sure how to work out your taxable income please contact us for help and advice.
2011-12 & 2012-13
Rates for individuals 18%/28%. Rates for individuals are 18% up to the limit of the basic rate income tax band (if any) and 28% on gains above that limit.
10 per cent for gains qualifying for Entrepreneurs Relief
2010-11
For gains on or before 22 June 2010, Capital Gains Tax is charged at a flat rate of 18 per cent.
The following Capital Gains Tax rates apply to gains after this date:
18 per cent and 28 per cent tax rates for individuals (the tax rate you use depends on the total amount of your taxable income, so you need to work this out first )
28 per cent for trustees or for personal representatives of someone who has died
10 per cent for gains qualifying for Entrepreneurs Relief
If you re not sure how to work out your taxable income please contact us for help and advice.
Capital Gains Tax Rates And Annual Tax Free Allowances
| Capital Gains Annual Exemption | 2009-10 | 2010-11 | 2011-12 | 2012-13 |
|
Annual Individuals, personal representatives and trustees for disabled people |
£10,100 | £10,100 | £10,600 | £10,600 |
| Other Trustees | £5,050 | £5,050 | £5,300 | £5,300 |
Stamp Duty Land Tax Rates And Thresholds (Residential)
Inheritance Tax Thresholds
The Inheritance Tax threshold (or nil rate band ) is the amount up to which an estate will have no Inheritance Tax to pay.
If the estate - including any assets held in trust and gifts made within seven years of death - is more than the threshold, Inheritance Tax will be due at 40 per cent on the amount over the nil rate band.
This table shows the different thresholds in use for deaths going back to 2000.
In the Budget 2011 it was announced that from April 2012, a reduced rate of IHT of 36% will be introduced where 10% or more of the net estate is left to charity.
If the estate - including any assets held in trust and gifts made within seven years of death - is more than the threshold, Inheritance Tax will be due at 40 per cent on the amount over the nil rate band.
This table shows the different thresholds in use for deaths going back to 2000.
In the Budget 2011 it was announced that from April 2012, a reduced rate of IHT of 36% will be introduced where 10% or more of the net estate is left to charity.
| From | To | Threshold/Nil Rate Band |
| 6th April 2009 | 5th April 2013 | £325,000 |
| 6th April 2008 | 5th April 2009 | £312,000 |
| 6th April 2007 | 5th April 2008 | £300,000 |
| 6th April 2006 | 5th April 2007 | £285,000 |
| 6th April 2005 | 5th April 2006 | £275,000 |
| 6th April 2004 | 5th April 2005 | £263,000 |
| 6th April 2003 | 5th April 2004 | £255,000 |
| 6th April 2002 | 5th April 2003 | £250,000 |
| 6th April 2001 | 5th April 2002 | £242,000 |
| 6th April 2000 | 5th April 2001 | £234,000 |
| Rate | 2008-09 | 2009-10 | 2010-11 | 2011-12 |
| Starting rate for savings: 10%* | £0-£2,320 | £0-£2,440 | £0-£2,440 | £0-£2,710 |
| Basic Rate : 20% | £0-£34,800 | £0-£37,400 | £0-£37,400 | £0-£34,370 |
| Higher Rate : 40% | Over £34,800 | Over £37,400 | Over £37,400-£150,000 | Over £34,371-£150,000 |
| Additional Rate : 50% | N/A | N/a | Over £150,000 | Over £150,000 |
| Purchase price/lease premium or transfer value |
2010-11 SDLT |
2010-11 SDLT for first time buyers |
2011-12 SDLT |
2012-13 SDLT |
| Up to £125,000 | Zero | Zero | Zero | Zero |
| Over £125,000 to £250,00 | 1% | Zero | 1% | 1% |
| Over £250,000 to £500,000 | 3% | 3% | 3% | 3% |
| Over £500,000 to £1 million | 4% | 4% | 4% | 4% |
| Over £1 million to £2 million | 5% | |||
| Over £2 million from 22 March 2012 | 7% | |||
| Over £million (purchased by certain persons including corporate bodies) from 21 March 2012 | 15% |
If the value is above the payment threshold, SDLT is charged at the appropriate rate on the whole of the amount paid. For example, a house bought for £130,000 is charged at 1 per cent, so £1,300 must be paid in SDLT. A house bought for £350,000 is charged at 3 per cent, so SDLT of £10,500 is payable.
£2 million threshold for wholly residential property
From 22 March 2012 SDLT on residential properties over £2 million is charged at 7 per cent It does not apply to non-residential or mixed-use properties.
If you exchanged contracts before the higher rate came into force on 22 March 2012) the 5 per cent rate will apply. This only applies where the contract is unconditional and unaltered on or after 21 March 2012.
Higher rate for corporate bodies
From 21 March 2012 SDLT is charged at 15 per cent on interests in residential dwellings costing more than £2 million purchased by certain non-natural persons. This broadly includes bodies corporate, for example companies, collective investment schemes and all partnerships with one or more members who are either a body corporate or a collective investment scheme. There are exclusions for companies acting in their capacity as trustees for a settlement and property developers who meet certain conditions.
If you exchanged contracts before the higher rate charge came into force on 21 March 2012, the 5 per cent rate will apply. This only applies where the contract is unconditional and unaltered on or after 21 March 2012.
£2 million threshold for wholly residential property
From 22 March 2012 SDLT on residential properties over £2 million is charged at 7 per cent It does not apply to non-residential or mixed-use properties.
If you exchanged contracts before the higher rate came into force on 22 March 2012) the 5 per cent rate will apply. This only applies where the contract is unconditional and unaltered on or after 21 March 2012.
Higher rate for corporate bodies
From 21 March 2012 SDLT is charged at 15 per cent on interests in residential dwellings costing more than £2 million purchased by certain non-natural persons. This broadly includes bodies corporate, for example companies, collective investment schemes and all partnerships with one or more members who are either a body corporate or a collective investment scheme. There are exclusions for companies acting in their capacity as trustees for a settlement and property developers who meet certain conditions.
If you exchanged contracts before the higher rate charge came into force on 21 March 2012, the 5 per cent rate will apply. This only applies where the contract is unconditional and unaltered on or after 21 March 2012.