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Personal allowances
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Income tax rates
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Company taxation
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Capital gains tax
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Inheritance tax
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VAT
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National insurance
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PERSONAL TAXATION
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2007/08
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2006/07
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Personal allowance
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general
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£5,225
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£5,035
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aged 65 or over before 5 April 2007
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£7,550
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£7,280
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aged 75 or over before 5 April 2007
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£7,690
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£7,420
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Married couples allowance
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either spouse born before 6 April 1935
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£6,285
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£6,065
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either spouse aged 75 or over before 5 April 2007
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£6,365
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£6,135
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age allowance income limit
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£20,900
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£20,100
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Blind persons allowance
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£1,730
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£1,660
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Income tax rates
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2007/08
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2006/07
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Starting rate
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10%
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10%
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on taxable income up to
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£2,230
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£2,150
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Basic rate
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22%
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22%
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from starting rate limit up to
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£34,600
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£33,300
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Higher rate
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40%
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40%
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on taxable income over
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£34,600
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£33,300
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Lower rate on certain interest income
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20%
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20%
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COMPANY TAXATION
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FY2007
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FY2006
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Corporation tax rates
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Taxable profits:
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£0 - £300,000
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20%
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19%
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£300,001 - £1,500,000
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32.75%
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Over £1,500,000
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30%
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30%
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CAPITAL GAINS TAX
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2007/08
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2006/07
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Rates (subject to tapering relief)
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general
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10% : 20% : 40%
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trustees and personal representatives
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40%
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40%
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General exemption limit
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£9,200
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£8,800
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INHERITANCE TAX
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2007/08
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2006/07
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Threshold
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£300,000
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£285,000
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Death rate
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40%
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40%
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VAT
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2007/08
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2006/07
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Standard rate
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17.5%
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17.5%
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Registration limit
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£64,000
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£61,000
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Deregistration limit
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£62,000
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£59,000
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Cash accounting limit
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£660,000
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£660,000
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Flat rate accounting limit
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£150,000
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£150,000
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NATIONAL INSURANCE
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2007/08
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2006/07
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(2006/07 in brackets where different)
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Class 1 Contributions (employers)
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£0 - £100 (£97) per week
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Nil
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Nil
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Over £100 (£97) per week
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12.8%
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12.8%
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Class 1 Contributions (employees)
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£0 - £100 (£97) per week
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Nil
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Nil
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£100 (£97) - £670 (£645) per week
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11%
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11%
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Over £670 (£645) per week
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1%
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1%
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Class 1A and 1B contributions (employers only)
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12.8%
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12.8%
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Class 2 contributions
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Flat weekly rate
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£2.20
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£2.10
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Exemption limit per annum
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£4,635
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£4,465
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Class 3 contributions
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Flat weekly rate
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£7.80
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£7.55
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Class 4 contributions
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Profits per annum
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£0 - £5,225 (£5,035)
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Nil
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Nil
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£5,225 (£5,035) - £34,840 (£33,540)
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8%
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8%
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Over £34,840 (£33,540)
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1%
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1%
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