I thought this might be useful as a summary of the impact of yesterday’s Budget, so far as known. All national insurance bands for 2013-14 have not yet been set, hence the proliferation of “TBCs” in that table:

UK TAX RATES etc. 2012-13 & 2013-14

 

Income Tax

 

 

2012-13

2013-14

Personal allowance

£8,105

£9,205

Income band taxable @ 20%

£34,370

£32,245

Income tax band taxable @ 40%

£115,630

£117,755

Personal allowance tapers from

£100,000

£100,000

Personal allowance tapers to

£116,210

£118,410

Personal allowance tapers at

50%

50%

Income tax additional rate band / trust rate

50%

45%

Dividend higher rate

32.5%

32.5%

Dividend additional rate / trust dividend rate

42.5%

37.5%

Age allowance – 65+

£10,500

£10,500 restricted to people born pre-6.4.48

Age allowance – 75+

£10,660

£10,660 restricted to people born pre-6.4.38

Child benefit income tax charge (individual with income over £50,000)

From 7.1.13: 1% of full child benefit award (7.1.13 – 5.4.13) for each £100 of income between £50k and £60k

1% of full child benefit award for each £100 of income between £50k and £60k

 

Corporation tax

 

 

2012-13

2013-14

Full rate

24%

23%

Small companies rate

20%

20%

Marginal rate

25%

23.75%

Small companies rate band

£0 – £300,000

£0 – £300,000

Marginal rate band

£300,001 – £1,500,000

£300,001 – £1,500,000

 

Capital gains tax

 

 

2012-13

2013-14

Annual exemption

£10,600

£10,600

Basic rate

18%

18%

Higher rate

28%

28%

Entrepreneurs’ relief rate

10%

10%

Entrepreneurs’ relief limit

£10,000,000

£10,000,000

 

Inheritance tax

 

 

2012-13

2013-14

Nil rate band

£325,000

£325,000

Tax rate on death

40%

40%

Chargeable lifetime transfer tax rate

20%

20%

Annual exemption

£3,000

£3,000

Higher business property and agricultural property relief rate

100%

100%

Lower business property and agricultural property relief rate

50%

50%

 

National insurance

 

 

2012-13

2013-14

Class 1 lower earnings limit

£107 / week

£TBC / week

Class 1 upper earnings limit

£817 / week

£797 / week

Class 1 primary threshold

£146 / week

£TBC / week

Class 1 secondary threshold

£144 / week

£TBC / week

Class 1 main rate

12%

12%

Class 1 rate above UEL

2%

2%

Class 1 employers’ rate

13.8%

13.8%

Class 2

£2.65 per week

£TBC per week

Class 3

£13.25 per week

£TBC per week

Class 4 lower earnings limit

£7,605 / year

£TBC / year

Class 4 upper earnings limit

£42,475 / year

£41,450 / year

Main class 4 rate

9%

9%

Class 4 rate above UEL

2%

2%

 


Stamp duty land tax rates

 

 

Residential property

Non-residential property

Up to £150,000

0%

 

Up to £150,000 – rent < £1,000 / year

 

0%

Up to £150,000 – rent > £1,000 / year

 

1%

£150,000 – £250,000

1%

1%

£250,000 – £500,000

3%

3%

£500,000 – £1,000,000

4%

 

£1,000,000 – £2,000,000

5%

 

£2,000,000+

7%

 

£500,000+

 

4%

Corporate enveloped property > £2 million

15%

 

 

VAT

 

Standard rate 20%
Reduced rate 5%
Registration threshold £77,000 per year
Deregistration threshold £75,000 per year

 

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