Business advice from is4profit » Annual Tax Allowances http://is4profit.com Advice to help you with running a business Tue, 04 Sep 2018 12:18:19 +0000 en-GB hourly 1 https://wordpress.org/?v=4.2.23 Budget 2013 – Annual Tax Rates and Allowances http://is4profit.com/budget-2013-annual-tax-rates-and-allowances/ http://is4profit.com/budget-2013-annual-tax-rates-and-allowances/#comments Thu, 21 Mar 2013 17:01:34 +0000 http://is4profit.com/budget-2013-annual-tax-rates-and-allowances/ On 20 March the Chancellor announced his Budget for the coming year. The key announcements covered: A reduction in the corporation tax rate to 20% from April 2015 A £2,000 employment allowance from April 2014 A new capital gains tax relief on the sale of a controlling interest in a business from 2014 Income tax and National Insurance relief on shares for employee shareholders from 1 September 2013 An increase in the new above the line research and development tax credit to 10% from 1 April 2013 The removal of Stamp Duty on shares traded in growth markets such as AIM and ISDX Growth Market from April 2014 NOTE: The figures contained in this article are subject to amendment as the Finance Bills pass through Parliament. This article is a guide only and advice should be taken before acting on its contents. Income Tax Rates Rate (%) 2013/2014 (£) 2012/2013 (£) 1012 1-2,790 1-2,710 203 1-32,010 1-34,370 404 32,011-150,000 34,371-150,000 45/505 over 150,000 over 150,000 Savings income (excluding dividends) is taxed at 10% within the savings rate band. Rate applicable to discretionary and accumulation and maintenance trusts for 2013/14 is 45% (50% for 2012/13) above standard rate band of £1,000; within the standard rate band the tax rate is 10% or 20% depending on nature of income. See also Taxation of Dividends. 1 Only available to extent taxable non-savings income is less than savings rate band 2 Savings rate band 3 Basic rate band 4 Higher rate band 5 Additional rate band Personal Allowances 2013/2014 (£) 2012/2013 (£) Personal1 Born after 5 April 1948 9,440 n/a Age under 65 n/a 8,105 Born after 5 April 1938 but before 6 April 1948 10,500 n/a Age 65-74 n/a 10,500 Born before 6 April 1938 10,660 n/a Age 75 and over n/a 10,660 Married couples2345 7,915 7,705 Blind person’s 6 2,160 2,100 1Age related personal allowances reduced by £1 for every £2 of income above the limit of £26,100 (£25,400 2012/13) until the basic personal allowance of £9,440 (£8,105 2012/13) is reached. Basic personal allowance reduced by £1 for every £2 of income over £100,000 until completely removed. 2 Relief is restricted to 10%. 3 Part or the full amount of the allowance may be transferred to the spouse (wife for marriages pre 5 December 2005) or civil partner. 4 Available where at least one of the parties was born pre 6 April 1935. 5 Married couples’ allowance reduced by £1 for every £2 income in excess of £26,100 (£25,400 2012/13) until minimum allowance of £3,040 (£2,960 2012/2013) is reached. 6 Any surplus can be transferred to the spouse or civil partner.

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