Tax tables
The latest tax tables for your information.
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Income tax rates
Current UK tax rates:
| Income tax: Allowances |
2010-11 |
2011-12 |
| Personal allowance (age under 65) |
£6,475 |
£7,475 |
| Personal allowance (age 65-74) ) |
£9,490 |
£9,940 |
| Personal allowance (age 75 and over) |
£9,640 |
£10,090 |
The personal allowance is reduced by £1 for every £2 that an individual's adjusted net income exceeds £100,000 (until it reaches zero).
| Income tax: Taxable bands |
2010-11 |
2011-12 |
| Basic rate: 20% |
0-£37,400 |
0-£35,000 |
| Higher rate: 40% |
£37,401-£150,000 |
£35,001-£150,000 |
| Additional rate: 50% |
Over £150,000 |
Over £150,000 |
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| Corporation tax (on Limited Company profits) |
2010-11 |
2011-12 |
| £0-£300,000 |
21% |
20% |
| £300,001-£1,500,000 |
Marginal rate |
Marginal rate |
| £1,500,001 or more |
28% |
26% |
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| Mileage allowance (cars & vans) |
2010-11 |
2011-12 |
| First 10,000 business miles in the tax year |
40p |
45p |
| Each business mile over 10,000 in the tax year |
25p |
25p |
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National insurance contributions
Employee (Primary)
| Earnings per week (£) |
NIC rate (%) |
| Below £102 |
0 |
| £102 to £139* |
0 |
| £139 to £817 |
12 |
| Above £817 |
2 |
* No NICs are actually payable but a notional Class 1 NIC will be deemed to have been paid in respect of earnings between in this bracket to protect contributory benefit entitlement.
Employer (secondary)
| Earnings per week (£) |
NIC rate (%) |
| Below £136 |
0 |
| Above £136 |
13.8 |
Self Employed National Insurance Rates
| Annual profits (£) |
Class 2 (£ per week) |
Class 4 (%) |
| Below £5,315 |
0.00 |
0 |
| £5,315 to £7,225 |
2.50 |
0 |
| £7,225 to £42,475 |
2.50 |
9 |
| Above £42,475 |
2.50 |
2 |
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Individual Savings Account (ISA)
| Annual ISA subscription limit |
2010-11 |
2011-12 |
| Overall limit |
£10,200 |
£10,680 |
| (of which cash) |
£5,100 |
£5,340 |
| (of which stocks & shares) |
£10,200 |
£10,680 |
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| Capital gains tax annual exempt amount |
2010-11 |
2011-12 |
| Individuals |
£10,100 |
£10,600 |
| Most trustees |
£5,050 |
£5,300 |
| Capital gains tax rates |
2010-11 |
2011-12 |
| Standard rate of CGT |
18% |
18% |
| Higher rate |
28% |
28% |
| Rate for Entrepreneurs (up to £10m threshold) |
10% |
10% |
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| Inheritance tax allowance |
2010-11 |
2011-12 |
| Individual allowance |
£325,000 |
£325,000 |
Pensions
| Pension schemes allowances |
2010-11 |
2011-12 |
| Annual Allowance |
£255,000 |
£50,000 |
| Lifetime Allowance |
£1,800,000 |
£1,800,000* |
* The lifetime allowance will reduce to £1.5 million from 6 April 2012
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Transfers of land and buildings
| Non residential |
Residential |
Rate (%) |
| £0-£150,000 |
£0-£125,000 |
0 |
| Over £150,001-£250,0000 |
Over £125,001-£250,000* |
1 |
| Over £250,001-£500,000 |
Over £250,001-£500,000 |
3 |
| Over £500,000 |
Over £500,000 |
4 |
| n/a |
Over £1,000,000 (from April 2011) |
5 |
* First time buyers can claim relief from SDLT on residential transactions up to £250,000 between 25th March 2010 & 25 March 2012.
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VAT
| VAT Rates |
2010 |
2011 |
| Standard rate |
17.5% |
20% |
| Reduced rate |
5.0% |
5.0% |
| VAT registration and deregistration rates |
2010-11 |
2011-12 |
| Annual registration limit from 1st April |
£70,000 |
£73,000 |
| Annual deregistration limit from 1st April |
£68,000 |
£71,000 |
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| CO2 emissions (gm/km) - round down to nearest 5gm/km |
% of cars list price taxed |
| 0 |
0 |
| 1-75 |
5% |
| 76-99 |
10% |
| 100-119 |
10% |
| 120 |
10% |
| 125 |
15% |
| 130 |
16% |
| 135 |
17% |
| 140 |
18% |
| 145 |
19% |
| 150 |
20% |
| 155 |
21% |
| 160 |
22% |
| 165 |
23% |
| 170 |
24 |
| 175 |
25% |
| 180 |
26% |
| 185 |
27% |
| 190 |
28% |
| 195 |
29% |
| 200 |
30% |
| 205 |
31% |
| 210 |
32% |
| 215 |
33% |
| 220 |
34% |
| 225 and above |
35% |
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The basic rule is to calculate as for a petrol engine and add 3%.
If the car has CO2 emissions of 120g/km the appropriate percentage for 2011/12 is 10% plus a 3% addition; i.e. 13%.
If the cars CO2 emissions exceed 120g/km, round down (as you would for a petrol engine) to arrive at the nearest 5% and add†3%.
Discounts for low emission cars
When a car has CO2 emissions of 120g/km or less the appropropriate percentage from 2008/09 to 2011/12 is 10%. The rules change in 2012/13
Discounts apply to cars that use alternative fuels in 2010/11 as follows. Note these discounts will be abolished on 6 April 2011, except that which applies to cars producing zero emissions producing zero emissions:
| Type of power/fuel |
Discount |
| Cars producing zero emissions |
0% from 2010/11 to 2015/16 |
| E85 (petrol and up to 85% ethanol mix) |
2% to 5 April 2011 |
| Road fuel gas cars: LPG or (first registered on or after 1 January 1998) * |
2% to 5 April 2011 |
| Hybrids (petrol and electric) first registered on or after 1 January 1998) |
3% to 5 April 2011 |
| BI-fuel (first registered on or after 1 January 2000) |
2% discount to 5 April 2011 |
| Bi-fuel first registered in 1998 or 1990 |
N/A |
