HM Treasury’s United Kingdom Budget 2007

bought to you courtesy of Grant Thornton

brought to you courtesy of Grant Thornton

Income Tax Rates

Taxable income Rate Cumulative tax
2007/
2008
2006/
2007
  2007/
2008
2006/
2007
£ £ % £ £
1-2,2301 1-2,1501 10 223.00 215.00
2,231-34,6002 2,151-33,3002 22 7344.40 7,068.00
over 34,600 over 33,300 40
  • Savings income (excluding dividends) is taxed at 10% within the starting rate band and at 20% within the basic rate band

  • Rate applicable to discretionary and accumulation and maintenance trusts is 40% above standard rate band of £1,000; within this band tax rate is 10%, 20% or 22% depending on nature of income.

1 Starting rate band
2 Basic rate band

The figures shown here are subject to ammendment as the Finance Bill passes through Parliament.

This information has been prepared only as a topical guide to tax and personal financial matters. No responsibility can be accepted by us for loss occasioned to any person acting or refraining from acting as a result of any material contained in this publication.

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