Tax Rates

2010/2011 Tax Rates
    2011/12 2010/11
Income Tax
       
Personal Allowances (Tax Free Amounts)   £7475 £6475
       
Tax on Taxable Income
       
(In Excess of Tax Free Amounts)      
  Up to £35,800 20%  
  Up to £37,400   20%
  Over £35,000 40%  
  Over £37,400   40%
  Over £150,000 50% 50%
       
       
National Insurance (Per Week)      
Class 1 Contributions (For Employed Staff)
       
Employees Contributions £0 to £136 0% 0%
  £136 to £817 12% 11%
  Over £817 2% 1%
       
       
Employers Contributions £0 to £136 0% 0%
  £136 to £817 13.8% 12.8%
  Over £817 13.8% 12.8%
       
Class 2 Contributions (Self Employed)
       
Weekly flat rate   £2.50 £2.40
Weekly flat rate if earnings over £5,315 per year      
       
Class 4 Contributions (Self Employed)
       
On annual profits between £7,225 & £42,475   9% 8%
On annual profits in excess of £42,475   2% 1%
Capital Gains Tax
       
Rate for indivduals   18% 18%
For chargeable gains in excess of:-   £10,600 £10,100
       
Inheritance Tax
       
Nil rate tax band   £325,000 £325,000
Rate of tax on the excess value of the estate   40% 40%
       
Corporation Tax (Effective Rates on Companies)
       
Tax on profits in the bands:-      
  £1 to £300,000 20% 21%
  £300,001 to £1,500,00 27.5% 29.75%
  £1,500,001 and above 26% 28%
       
Value Added Tax
       
Registration level (based on 12 months turnover)   £71,000 £70,000
Standard rate   20% 17.5%