Tax Tables 2009 - 2010
Basic State Pension
| 2009/10 | 2008/09 | |||
| Weekly | Annual | Weekly | Annual | |
| Single person | £95.25 | £4,953.00 | £90.70 | £4,716.40 |
|---|---|---|---|---|
| Dependant’s addition | £57.05 | £2,966.60 | £54.35 | £2,826.20 |
| Total married pension | £152.30 | £7,919.60 | £145.05 | £7,542.60 |
| Pension Credit - Standard Income Guarantee 2009/10 | ||
|---|---|---|
| Single | £130.00 pw | £6,760.00 pa |
| Married | £198.45 pw | £10,319.40 pa |
© Copyright 21 July 2009, subject to Finance Act 2009. For information only. Always seek professional advice before acting.
Capital Gains Tax
| Exemptions | 2009/10 | 2008/09 |
| Individuals, estates, etc | £10,100 | £9,600 |
| Trusts generally | £5,050 | £4,800 |
| Chattels proceeds ( 5 / 3 excess gain is taxable) | £6,000 | £6,000 |
| Rates | 2009/10 | 2008/09 |
| Individuals | 18% | 18% |
| Trusts and estates | 18% | 18% |
Entrepreneurs' Relief 2008/10:
4/9ths of business gain (effective tax rate of 10%). Lifetime limit: £1,000,000
For trading businesses and companies (min. 5% employee/director shareholding) held for at least one year
© Copyright 21 July 2009, subject to Finance Act 2009. For information only. Always seek professional advice before acting.
Car Benefit For Employees
Taxable amount based on car's list price when new up to £80,000.
Charge varies according to CO 2 emissions in grams per kilometre.
|
CO
2
g/km |
% of price
08-10 |
| 120 or less | 10 |
| 121-139 | 15 |
| 140-4 | 16 |
| 145-9 | 17 |
| 150-4 | 18 |
| 155-9 | 19 |
| 160-4 | 20 |
| 165-9 | 21 |
| 170-4 | 22 |
| 175-9 | 23 |
| 180-4 | 24 |
| 185-9 | 25 |
| 190-4 | 26 |
| 195-9 | 27 |
| 200-4 | 28 |
| 205-9 | 29 |
| 210-4 | 30 |
| 215-9 | 31 |
| 220-4 | 32 |
| 225-9 | 33 |
| 230-4 | 34 |
| 235+ | 35 |
Further reductions may apply for LPG, bi-fuel, E85 hybrid and electric cars.
Diesels not meeting Euro IV or registered after 31 December 2005, add 3% subject to maximum charge of 35%.
| Vans for private use | 2009/10 | 2008/09 |
| Chargeable amount | £3,000 | £3,000 |
| No charge if private use is limited to journeys between home and work. | ||
© Copyright 21 July 2009, subject to Finance Act 2009. For information only. Always seek professional advice before acting.
Child Trust Fund
| Children born after 31 August 2002 | |
|---|---|
| Endowment: Initial and at age 7 | £250 |
| Endowment: Low income families | £500 |
| Annual contributions from family and friends up to: | £1,200 |
© Copyright 21 July 2009, subject to Finance Act 2009. For information only. Always seek professional advice before acting.
Company Cars – Advisory Fuel Rates From 1/7/09
| Engine Size | Petrol | Diesel | LPG |
| 1,400cc or less | 10p | 10p | 7p |
| 1,401cc to 2,000cc | 12p | 10p | 8p |
| Over 2,000cc | 18p | 13p | 12p |
© Copyright 21 July 2009, subject to Finance Act 2009. For information only. Always seek professional advice before acting.
Corporation Tax
| Profits £ | Effective rate to 31/3/10 | Effective rate to 31/3/09 |
| 0–300,000 | 21% | 21% |
| 300,001–1,500,000 | 29.75% | 29.75% |
| 1,500,001 and over | 28% | 28% |
© Copyright 21 July 2009, subject to Finance Act 2009. For information only. Always seek professional advice before acting.
Employee Share Schemes Limits
| 2008/10 | |
| Share incentive plans Employer contribution | £3,000 |
| Share incentive plans Employer matching (2:1) | £3,000 |
| Share incentive plans Employee contribution | £1,500 |
| Enterprise management incentive option value | £120,000 |
| Approved share option schemes option value | £30,000 |
| Savings-related share options per month | £250 |
© Copyright 21 July 2009, subject to Finance Act 2009. For information only. Always seek professional advice before acting.
Fuel Benefit
| 2009/10 | 2008/09 | |
| Multiply the CO 2 percentage used for the car benefit by | £16,900 | £16,900 |
| Vans – flat charge | £500 | £500 |
© Copyright 21 July 2009, subject to Finance Act 2009. For information only. Always seek professional advice before acting.
Income Tax
| Rates | 2009/10 | 2008/09 | |
| 10% starting rate band on savings income up to* | £2,440 | £2,320 | |
| Basic rate | 20% | 20% | |
| Higher rate of 40% on income over | £37,400 | £34,800 | |
| Dividends for: |
basic rate taxpayers
higher rate taxpayers |
10%
32.5% |
10%
32.5% |
| Trusts: |
standard rate band generally
dividends (rate applicable to trusts) other income (rate applicable to trusts) |
£1,000
32.5% 40% |
£1,000
32.5% 40% |
| Pre-owned assets tax minimum taxable as income | £5,000 | £5,000 | |
* Not available if taxable non-savings income exceeds starting rate band
© Copyright 21 July 2009, subject to Finance Act 2009. For information only. Always seek professional advice before acting.
Individual Savings Accounts (ISAs)
|
Maximum
Investment Component |
2009/10 | 2008/09 |
| Cash | £3,600 (£5,100*) | £3,600 |
| Stocks & shares (balance to) | £7,200 (£10,200*) | £7,200 |
*From 6 October 2009, higher limits apply only if born before 6 April 1960
© Copyright 21 July 2009, subject to Finance Act 2009. For information only. Always seek professional advice before acting.
Inheritance Tax
| 2009/10 | 2008/09 | |
| Nil-rate band* | £325,000 | £312,000 |
| Rate of tax on excess | 40% | 40% |
| Lifetime transfers to and from certain trusts | 20% | 20% |
| Overseas domiciled spouse/civil partner exemption | £55,000 | £55,000 |
| % relief: businesses, unlisted/AIM companies, certain farmland/buildings | ||
| % relief: certain other business assets | ||
*Up to % of the unused proportion of a deceased spouse's/civil partner's nil-rate band can be claimed on the surviving spouse's/civil partner's death after 8 Oct 2007
| Reduced tax charge on gifts within 7 years of death | |||||
| Years before death | 0-3 | 3-4 | 4-5 | 5-6 | 6-7 |
| % of death tax charge | 100 | 80 | 60 | 40 | 20 |
| Annual exempt gifts | £3,000 per donor | £250 per donee | |||
© Copyright 21 July 2009, subject to Finance Act 2009. For information only. Always seek professional advice before acting.
Main Capital and Other Allowances
| Plant & machinery % annual investment allowance (first year) | £50,000 | ||
| Plant & machinery expenditure in excess of £50,000 (first year) | 40% | ||
| Plant & machinery, patent rights, know-how (reducing balance) pa | 20% | ||
| Certain long-life assets, integral features of buildings (reducing balance) pa | 10% | ||
| Industrial & agricultural buildings (straight line) | 2% | ||
| Energy & water- efficient investments | 100% | ||
| Qualifying flat conversions & business premises renovations | 100% | ||
| Research & Development:: | capital expenditure | 100% | |
| revenue expenditure |
– small/medium-size firms
– large firms |
175%
130% |
|
| Motor cars: Expenditure on or after 1/4/09 (Corporation Tax) or 6/4/09 (Income Tax) | |||
| CO 2 emissions of g/km: | 110 or less | 111–160 | 161 or more |
|
100%
first year |
20%
reducing balance |
10%
reducing balance |
|
© Copyright 21 July 2009, subject to Finance Act 2009. For information only. Always seek professional advice before acting.
Main Due Dates for Tax Payment
| Income Tax and Capital Gains Tax – Self-Assessment | ||
| 31 January in tax year | } | Normally % of previous year's income tax, less tax deducted at source |
| 31 July following tax year | ||
| Following 31 January | Balance of income tax and all CGT | |
| Inheritance Tax | |
| On death: | Normally 6 months after month of death |
| Lifetime transfer 6 April-30 September: | 30 April in following year |
| Lifetime transfer 1 October-5 April: | 6 months after month of transfer |
| Corporation Tax |
| Self-Assessment: 9 months after end of accounting period |
| Payable by instalments where profits are £1.5m or over. Normally payable in 7th, 10th, 13th and 16th months after start of accounting period. |
| Growing companies: no instalments where profits are £10m or less and the company was not a large company for the previous year |
© Copyright 21 July 2009, subject to Finance Act 2009. For information only. Always seek professional advice before acting.
Main Personal Allowances and Reliefs
| 2009/10 | 2008/09 | |
| Personal (basic) | £6,475 | £6,035 |
| Personal (65-74) | £9,490 | £9,030 |
| Personal (75 & over) | £9,640 | £9,180 |
| Married couples/civil partners (minimum) at 10%* | £2,670 | £2,540 |
| Married couples/civil partners (under 75) at 10%* | N/A | £6,535 |
| Married couples/civil partners (75+) at 10% | £6,965 | £6,625 |
| Age-related reliefs reduced by 50% of income over | £22,900 | £21,800 |
| Blind persons | £1,890 | £1,800 |
| Rent-a-room tax-free income | £4,250 | £4,250 |
| Venture capital trust (VCT) at 30% | £200,000 | £200,000 |
| Enterprise investment scheme (EIS) at 20% | £500,000 | £500,000 |
| EIS eligible for capital gains tax re-investment relief | No limit | |
* Where at least one spouse/civil partner was born before 6 April 1935
| Non-domicile charge | 2009/10 | 2008/09 |
| Charge for adult non-UK domiciliary after UK residence in at least 7 of the previous 9 tax years: | £30,000 | £30,000 |
© Copyright 21 July 2009, subject to Finance Act 2009. For information only. Always seek professional advice before acting.
National Insurance Contributions
| Class 1 Employees Not Contracted-Out of State Second Pension (S2P) | ||||
| 2009/10 | 2008/09 | |||
| Employee | Employer | Employee | Employer | |
| NIC rate | 11% | 12.8% | 11% | 12.8% |
| No NICs on the first | £110 pw | £110 pw | £105 pw | £105 pw |
| NICs charged up to | £844 pw | No Limit | £770 pw | No Limit |
| 1% NIC on earnings over | £844 pw | N/A | £770 pw | N/A |
| Certain married women | 4.85% | 12.8% | 4.85% | 12.8% |
| Class 1 Employees Contracted-out Rebate | 2009/10 | 2008/09 | ||
| Rebate on | £95.01–£770 pw | £90.01–£770 pw | ||
| Salary-related scheme | 1.6% | 3.7% | 1.6% | 3.7% |
| Money-purchase scheme | 1.6% | 1.4% | 1.6% | 1.4% |
| Personal Pension | No reduction | No reduction | ||
| Class 1A Employer 2008-10 on car fuel benefits and most other taxable benefits: | 12.8% |
| Limits and Thresholds | 2009/10 | 2008/09 | ||||
| Weekly | Monthly | Annual | Weekly | Monthly | Annual | |
| Lower earnings limit | £95 | £412 | £4,940 | £90 | £390 | £4,680 |
| NICs start | £110 | £476 | £5,715 | £105 | £453 | £5,435 |
| Upper accrual point | £770 | £3,337 | £40,040 | N/A | N/A | N/A |
| Upper earnings limit | £844 | £3,656 | £43,875 | £770 | £3,337 | £40,040 |
| Self-employed | 2009/10 | 2008/09 | |
| Class 2 | Flat rate | £2.40 pw £124.80 pa | £2.30 pw £119.60 pa |
| if earnings over | £5,075 pa | £4,825 pa | |
| Class 4* | On profits | £5,715 – £43,875 pa: 8% | £5,435 – £40,040 pa: 8% |
| Over £43,875 pa: 1% | Over £40,040 pa: 1% | ||
* Unless over state pension age on 6 April
| Voluntary | 2009/10 | 2008/09 | |
| Class 3 | Flat rate | £12.05 pw £626.60 pa | £8.10 pw £421.20 pa |
© Copyright 21 July 2009, subject to Finance Act 2009. For information only. Always seek professional advice before acting.
Registered Pensions
| 2009/10 | 2008/09 | |
| Lifetime allowance* | £1,750,000 | £1,650,000 |
| Annual allowance | £245,000 | £235,000 |
|
Special annual allowance where
relevant income is £150,000 or more |
Min £20,000/
Max £30,000 |
N/A
N/A |
| Special annual allowance charge | 20% | N/A |
| Maximum pension commencement lump sum* | 25% of pension benefit value | |
| Maximum relievable personal contribution |
100% of relevant UK earnings
or
£3,600 if greater |
|
| Lifetime allowance charge if excess drawn as cash | 55% | |
| Lifetime allowance charge if excess drawn as income | 25% | |
| Annual allowance charge on excess | 40% | |
* Subject to transitional protection for excess amount
© Copyright 21 July 2009, subject to Finance Act 2009. For information only. Always seek professional advice before acting.
Stamp Duty Land Tax based on consideration
| Residential | Commercial | Rate |
| £175,000* or less | £150,000 or less | Nil |
| Over £175,000* up to £250,000 | Over £150,000 up to £250,000 | 1% |
| Over £250,000 up to £500,000 | Over £250,000 up to £500,000 | 3% |
| Over £500,000 | Over £500,000 | 4% |
* From 1/1/10: £125,000 (or £150,000 for property in disadvantaged areas)
| Stamp Duty (including SDRT) | |
| Stocks and marketable securities (no charge unless the duty exceeds £5) | 0.5% |
© Copyright 21 July 2009, subject to Finance Act 2009. For information only. Always seek professional advice before acting.
Tax-Free Mileage Allowance – Own Vehicle 2008–10
| Cars | Up to 10,000 business miles: | 40p per business mile |
|---|---|---|
| Over 10,000 business miles: | 25p per business mile | |
| Motorcycles | 24p per business mile | |
| Bicycles | 20p per business mile |
© Copyright 21 July 2009, subject to Finance Act 2009. For information only. Always seek professional advice before acting.
Value Added Tax
| Registration level from 1/5/09 | £68,000 |
| Standard rate from 1/12/08–31/12/09 | 15% |
| Standard rate from 1/1/10 | 17.5% |
| Reduced rate, eg on domestic fuel | 5% |
| Flat rate scheme turnover limit | £150,000 |
| Cash and annual accounting turnover limit | £1,350,000 |
© Copyright 21 July 2009, subject to Finance Act 2009. For information only. Always seek professional advice before acting.