Income Tax
Income Tax Rates | 2014-2015 % | 2013-2014 % | 2012-2013 % | 2011-2012 % |
| Starting rate for savings | 10 | 10 | 20 | 20 |
| Basic tax rate | 20 | 20 | 20 | 20 |
| Higher tax rate | 40 | 40 | 40 | 40 |
| Additional tax rate | 45 | 45 | 50 | 50 |
| Tax on dividends at Basic Rate | 10 | 10 | 10 | 10 |
| Tax on dividends at Higher Rate | 32.50 | 32.50 | 32.50 | 32.50 |
| Tax on dividends at Additional Rate | 42.50 | 42.50 | 42.50 | 42.50 |
| Starting rate band for savings 10% | £0 – £2,880 | £0 – £2,790 | £0 – £2,710 | £0 – £2,560 |
| Basic rate band 20% | £0 – £31,865 | £0 – £32,010 | £0 – £34,370 | £0 – £35,000 |
| Higher rate band 40% | £31,866 to £150,000 | £32,011 to £150,000 | £34,371 to £150,000 | £35,001 to £150,000 |
| Additional rate band 45% | Above £150,000 | Above £150,000 | – | – |
| Additional rate band 50% | – | – | Above £150,000 | Above £150,000 |
Personal Allowances
Personal allowances | 2014-2015 | 2013-2014 | 2012-2013 | 2011-2012 |
| Standard payroll tax code | 1000L | 944L | 810L | 747L |
| Personal allowance (1) | £10,000 | £9,440 | £8,105 | £7,475 |
| – People born between 6/4/38 & 5/04/48 (1)(2) | £10,500 | £10,500 | n/a | n/a |
| – People born before 6/4/38 (1)(2) | £10,660 | £10,660 | n/a | n/a |
| Income limit for Personal Allowance | £100,0000 | £100,0000 | £100,0000 | £100,0000 |
| Maximum Married Couples Allowance – Born before 6/4/35 | £8,165 | £7,915 | n/a | n/a |
| Income limit for those birn before 6/04/48 | £27,000 | £26,100 | n/a | n/a |
| Min amount of Married Couples Allowance | £3,140 | £3,040 | £2,960 | £2,800 |
| Blind person’s allowance | £2,230 | £2,160 | £2,100 | £1,980 |
| Note 1: The Personal Allowance reduces where income is above £100,000 by £1 for every £2 of income above the £100,000 limit. This reduction applies to all people irrespective of age or date of birth. | ||||
| Note 2: These allowances reduce where the income is above the income limit by £1 for every £2 of income above the limit. This applies until the level of the personal allowance for those aged under 65, or from 2013-14, for those born after 5 Apri 1948, is reached. For maried couples allowance this applies until it reaches the minimum amount. | ||||
| Note3: Tax relief for the Married Couple’s Allowance is given at 10%. | ||||
Key Dates
Key dates in 2014 for personal Self Assessment tax payers | |
| 31 July 2014 | The date by which the second payment on account in respect of 2013/2014 must be paid. Consider reducing if last year’s income has dropped. |
| 31 October 2014 | Deadline for submission of a HMRC paper tax return for 2013/2014. |
| 5 October 2014 | Deadline for notifying HMRC of new sources of income unless a 2013/2014 tax return has already been issued. Complete form CWF1 for self employment, form SA1 for non self-employed income, or form SA401 for partners. |
| 30 December 2014 | Deadline for e-filing the tax return where the tax payer requires the 2013/2014 balancing payment to be collected through next year’s tax code (less than £2,000). |
| 31 January 2015 | Deadline for submitting online your 2013/2014 self assessment tax return. It is also the date by which the tax payer will be required to settle the 2013/2014balancing payment and make the first payment on account in respect of 2014/2015. |
Capital Gains Tax
Capital Gains Tax | 2013-2014 £ | 2012-2013 £ | 2011-2012 £ | 2010-2011 £ |
| Annual exempt amount: | ||||
| – Individuals etc | £10,600 | £10,600 | £10,600 | £10,100 |
| – Trustee | £5,300 | £5,300 | £5,300 | £5,050 |
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Inheritance Tax
Inheritance Tax | 2014-15 £ | 2013-14 £ | 2012-13 £ | 2011-12 £ |
| No tax charge arises up to: | £325,000 | £325,000 | £325,000 | £325,000 |
| Balance taxed at 40% above: | £325,000 | £325,000 | £325,000 | £325,000 |
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Stamp Duty
Stamp duty Land Tax Rates: Transfers of land and buildings | Residential land in the UK | Non-residential | |
Disadvantaged Areas | All Other Areas | All Land | |
| Zero | £0 to £150,000 | £0 to £125,000 | £0 to £150,000 |
| 1% | over £150,000 to £250,000 | over £125,000 to £250,000 | over £150,000 to £250,000 |
| 3% | over £250,000 to £500,000 | over £250,000 to £500,000 | over £250,000 to £500,000 |
| 4% | Over £500,000 to £1m | Over £500,000to £1m | Over £500,000 to £1m |
| 5% | Over £1 million | Over £1 million | – |
| 7% | Over £2 million | Over £2 million | – |
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SDLT on new leasehold properties | NPV of total rent Residential | NPR of premium Non-residential |
| Zero | £0 to £125,000 | £0 to £150,000 (rent < £1K) |
| 1% | Over £125,000 | £0 to £250,000 (rent > £1K) |
| 3% | – | Over £250,000 to £500,000 |
| 4% | – | Over £500,000 |
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National Insurance Contributions
National Insurance Class 1 | 2014-2015 £ | 2013-2014 £ | 2012-2013 £ |
| Class 1 Men over 65, Women over 60, and children under 16 do not pay Class 1 contributions. | |||
| Employee’s Earnings Limits | Weekly – Monthly – Yearly | Weekly – Monthly – Yearly | Weekly – Monthly – Yearly |
| – Lower earnings limit (LEL) The minimum level of earnings employees need to qualify for benefit including State Pension. | £111 – £481 – £5,772 | £109 – £472 – £5,668 | £107 – £464 – £5,564 |
| – Primary threshold (PT) The level of earnings above which employees Class 1 contributions become payable. | £153 – £663 – £7,956 | £149 – £645 – £7,748 | £146 – £633 – £7,592 |
| – Secondary threshold (ST) The level of earnings above which employers Class 1 contributions become payable. | £153 – £663 – £7,956 | £148 – £641 – £7,696 | £144 – £624 – £7,488 |
| – Upper Accrual Point (UAP) The limit or contracted out rebate relief. | £770 – £3,337 – £40,040 | £770 – £3,337 – £40,040 | £770 – £3,337 – £40,040 |
| – Upper earnings limit (UEL) Employees do not pay Class 1 contributions above this level. | £805 – £3,488 – £41,860 | £797 – £3,453 – £41,444 | £817 – £3,540 – £42,484 |
| Employee’s Class 1 NI rates | |||
| – Primary rate from PT to UEL | 12% | 12% | 12% |
| – Above UEL | 2% | 2% | 2% |
| Employer’s Class 1 NI rates | |||
| – Primary rate from PT to UEL | 13.8% | 13.8% | 13.8% |
| – Above UEL | 2% | 2% | 2% |
| Employer’s Class 1A NI rates on B-I-K | 13.8% | 13.8% | 13.8% |
National Insurance Class 2 | 2014-2015 £ | 2013-2014 £ | 2012-2013 £ | 2011-2012 £ |
| Self-employed National Insurance | ||||
| – on annual earnings over | £5,885 | £5,725 | £5,595 | £5,315 |
| – weekly contribution | £2.75 | £2.70 | £2.65 | £2.50 |
| – annual contribution | £143.00 | £140.40 | £137.80 | £130.00 |
National Insurance Class 3 | 2014-2015 £ | 2013-2014 £ | 2012-2013 £ | 2011-2012 £ |
| Voluntary contributions: | ||||
| – weekly contribution | £13.90 | £13.55 | £13.25 | £12.60 |
| – annual contribution | £722.80 | £704.60 | £689.00 | £655.20 |
National Insurance Class 4 | 2014-2015 £ | 2013-2014 £ | 2012-2013 £ | 2011-2012 £ |
| Self-employed National Insurance on taxable profits between: | ||||
| – Lower limit (LL) | £7,956 | £7,755 | £7,605 | £7,225 |
| – Upper limit (UL) | £41,865 | £41,450 | £42,475 | £42,475 |
| – Rate applied to earnings above LL to UL | 9% | 9% | 9% | 9% |
| – Rate applied to earnings above UL | 2% | 2% | 2% | 2% |
| – Maximum payable | £3,051.81 + 2% | £3,032.55 + 2% | £3,138.30 + 2% | £3,172.50 + 2% |
The Authorised Mileage Rates
Mileage Rates to be used for privately owned vehicles from 6th April 2011 | First 10,000 miles | Above 10,000 miles |
| Cars and vans | 45p | 25p |
| Motorcycles | 24p | 24p |
| Cycles | 20p | 20p |
Mileage Rates to be used for privately owned vehicles before 5th April 2011 | First 10,000 miles | Above 10,000 miles |
| Cars and vans | 40p | 25p |
| Motorcycles | 24p | 24p |
| Cycles | 20p | 20p |
Compulsory registration for VAT
VAT thresholds and limits | Registration threshold | Deregistration limit |
| from 1 April 2013 | £79,000 | £77,000 |
| 01.04.12 to 31.03.13 | £77,000 | £75,000 |
| 01.04.11 to 31.03.12 | £73,000 | £71,000 |
| 01.04.10 to 31.03.11 | £70,000 | £68,000 |
| 01.05.09 to 31.03.10 | £68,000 | £66,000 |
VAT Road Fuel Scale Charges
Quarterly Road Fuel Scale charges for periods after 1 May 2009 | VAT fuel scale charge | VAT at 17.5% | VAT exclusive charge |
CO2 Band | £(Qtr) | £(Qtr) | £(Qtr) |
120 or less | £126 | £18.77 | £107.23 |
125 | £189 | £28.15 | £160.85 |
130 | £189 | £28.15 | £160.85 |
135 | £189 | £28.15 | £160.85 |
140 | £201 | £29.94 | £171.06 |
145 | £214 | £31.87 | £182.13 |
150 | £226 | £33.66 | £192.34 |
155 | £239 | £35.60 | £203.40 |
160 | £251 | £37.38 | £213.62 |
165 | £264 | £39.32 | £224.68 |
170 | £276 | £41.11 | £234.89 |
175 | £289 | £43.04 | £245.96 |
180 | £302 | £44.98 | £257.02 |
185 | £314 | £46.77 | £267.23 |
190 | £327 | £48.70 | £278.30 |
195 | £339 | £50.49 | £288.51 |
200 | £352 | £52.43 | £299.57 |
205 | £365 | £54.36 | £310.64 |
210 | £378 | £56.30 | £321.70 |
215 | £390 | £58.09 | £331.91 |
220 | £403 | £60.02 | £342.98 |
225 | £416 | £61.96 | £354.04 |
230 | £428 | £63.74 | £364.26 |
235 or above | £441 | £65.68 | £375.32 |
Monthly Road Fuel Scale charges for periods after 1 May 2009 | VAT fuel scale charge | VAT at 17.5% | VAT exclusive charge |
CO2 Band | £(Mnth) | £(Mnth) | £(Mnth) |
120 or less | £42 | £6.26 | £35.74 |
125 | £63 | £9.38 | £53.62 |
130 | £63 | £9.38 | £53.62 |
135 | £63 | £9.38 | £53.62 |
140 | £67 | £9.98 | £57.02 |
145 | £71 | £10.57 | £60.43 |
150 | £75 | £11.17 | £63.83 |
155 | £79 | £11.77 | £67.23 |
160 | £83 | £12.36 | £70.64 |
165 | £88 | £13.11 | £74.89 |
170 | £92 | £13.70 | £78.30 |
175 | £96 | £14.30 | £81.70 |
180 | £100 | £14.89 | £85.11 |
185 | £104 | £15.49 | £88.51 |
190 | £109 | £16.23 | £92.77 |
195 | £113 | £16.83 | £96.17 |
200 | £117 | £17.43 | £99.57 |
205 | £121 | £18.02 | £102.98 |
210 | £126 | £18.77 | £107.23 |
215 | £130 | £19.36 | £110.64 |
220 | £134 | £19.96 | £114.04 |
225 | £138 | £20.55 | £117.45 |
230 | £142 | £21.15 | £120.85 |
235 or above | £147 | £21.89 | £125.11 |
Van Benefits
Van Benefits | 2013-2014 | 2012-2013 | 2011-2012 | 2010-2011 |
| Van Benefit | £3,000 | £3,000 | £3,000 | £3,000 |
| Fuel Benefit | £564 | £550 | £550 | £550 |
Corporation Tax
Corporation Tax | YE 31.03.14 (2013) | YE 31.03.13 (2012) | YE 31.03.12 (2011) | YE 31.03.11 (2010) | ||||
Profits Band | % | Profits Band | % | Profits Band | % | Profits Band | % | |
| Small Profits Rate | £0 – 300K | 20% | £0 – 300K | 20% | £0 – 300K | 20% | £0 – 300K | 21% |
| Marginal Relief Limits | £300K – 1.5M | – | £300K – 1.5M | – | £300K – 1.5M | – | £300K – 1.5M | – |
| Main Rate | Above £1.5M | 23% | Above £1.5M | 24% | Above £1.5M | 26% | Above £1.5M | 28% |
| Small companies fraction | 1/80 | 1/80 | 3/200 | 7/400
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