HM Treasury’s United Kingdom Budget 2007
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.
