Tax Table

Tax Year
11/12
£

Tax Year

10/11
£

Income Tax

Tax free income

    Personal allowance

7,475

6,475

Rate

    Basic rate:    20%

0 – 35,000

0 – 37,400

    Higher rate:  40%

35,001 – 150,000

37,401 – 150,000

    Additional rate:  50%

Over 150,000

Over 150,000

Capital Gains Tax

Tax free gain

    Annual exemption

10,600

10,100

    Chattels proceeds

6,000

6,000

Rate

    Entrepreneurs’ relief

10%

10%

    Basic rate

18%

18%

    Higher rate

28%

28%

Corporation tax

Profits (£)

   0 -300,000

20%

21%

   Over 300,000

26%

28%

VAT (Value Added Tax)

   Standard rate

20%

   Reduced rate e.g. domestic fuel

5%

   Registration limit

£73,000

   Flat rate scheme turnover

£150,000

Stamp Duty Land Tax

Rate

Residential

Commercial

   0%

0 – 125,000*

0 – 150,000

   1%

125,001 – 250,000

150,001 – 250,000

   3%

250,001 – 500,000

250,001 – 500,000

   4%

Over 500,000

Over 500,000

*£150,000 for residential properties in disadvantaged areas and all non-residential properties.  £250,000 for first time buyers where completion is from 25/03/2010 to 24/03/2012.

Stamp Duty (including Stamp Duty Reserve Tax)

   Stocks and marketable securities

0.5%