Corporation Tax		2010/11	2009/10

Personal allowance
General		£6,475	£6,475
Aged 65 or over in year of assessment		£9,490	£9,490
Aged 75 or over in year of assessment		£9,640	£9,640
Age allowance income limit		£22,900	£22,900
Minimum where income exceeds limit		£6,475	£6,475
Married couple's allowance³ (10% relief)
Either partner aged 75 or over in the year of assessment		£6,965	£6,965
Age allowance income limit		£22,900	£22,900
Minimum where income exceeds limit		£2,670	£2,670
Blind person's allowance		£1,890	£1,890
Income tax rates
Starting savings rate		10%	10%
		£2,440²	£2,440²
Basic rate		20%	20%
		£37,400	£37,400
Higher rate		40%	40%
		£37,400	£37,400
Additional rate		50%	N/A
		£150,000	N/A
Lower rate on dividend income		10%	10%
Higher rate on dividend income		32.50%	32.50%
Additional rate on dividend income		42.50%	N/A
Pension schemes allowances
Annual allowance		£255,000	£245,000
Lifetime allowance		£1,800,000	£1,750,000

  ¹For 2010/11 the personal allowance is reduced at a rate of £1 for every £2 of income above £100,000. ²Starting rate applies only to savings income. If taxable non-savings income is above this limit, the starting rate is not applicable. ³Available for civil partners  

Corporation Tax		FY2010	FY2009
All companies (except below)		28%	28%
Companies with small profits		21%	21%
— 21% rate limit		£300,000	£300,000
— marginal relief limit		£1,500,000	£1,500,000
— marginal relief fraction		7/400	7/400
— effective marginal rate		29.75%	29.75%

 

Capital Gains Tax 2010/11		23.06.10 on	To 22.06.10
Individuals
— Standard rate		28%*	18%*
— Higher rate		28%*	18%*
Trustees and personal representatives		28%*	18%*
Annual exemption
Individuals, disabled trusts, personal representatives for the year of death and two years thereafter		£10,100
Trusts generally		£5,050
*Subject to available reliefs

 

Inheritance Tax	Transfers after 5/4/2010, before 06/4/2011
Death rates, gross transfer	Up to £325,000*	Nil
	Over £325,000	40%

  *Unused nil rate band is transferable to spouse or civil partner Chargeable lifetime transfers are initially charged at 20%. Annual gifts up to £3,000 per donor exempt  

Individual savings accounts 2010/11		Overall limit	Cash limit
Age 50 or under		£10,200	£5,100
Age under £50		£7,200	£3,600

 

National Insurance Contributions		2010/11
Class 1A and 1B contributions		12.80%
Class 2 contributions
Flat weekly rate		£2.40
Exemption limit		£5,075
Class 3 contributions
Flat weekly rate		£12.05
Class 4 contributions		*

*8% on the band of profits between £5,715 and £43,875 plus 1% on all profits above £43,875.  

National Insurance Contributions		2010/11
Class 1 (earnings related)		Not Contracted out	Not Contracted out
Employees' contribution(on weekly earnings)
First £110		Nil	Nil
£110.01 - £770.00		11.0%	9.40%
£770.01 to £844.00		11.0%	11.0%
Over £844
Employers' contribution(on weekly earnings)	NCO	SRS	MPS
First £110	Nil	Nil	Nil
£110.01 - £770.00	12.8%	9.1%	11.40%
Over £770	12.8%	12.8%	12.8%

  Employees' rates are reduced to 4.85% for married women with valid certificates of election but the 1% rate above £844 still applies. Rates are nil for employees over state pensionable age. Normal employers' contributions are still applicable Employers also receive a rebate of 3.7% for salary-related schemes and 1.4% for money purchase schemes on earnings from £97 to £110 per week. A rebate of 1.60% on earnings from £97 to £110 per week is given to employees (or employers where insufficient contributions have been paid for offset)  

Value Added Tax
Standard rate after 31 December 2009			17.50%
Standard rate 1 Dec 2008 to 31 Dec 2009			15%
Standard rate 01 Jan 2010 to 03 Jan 2011		17.50%
Standard rate from 04 Jan 2011		20.00%
Registration threshold after 31 March 2010	24p	£70,000	£70,000
(previously £68,000 after 30 April 2009)

 

VAT fuel scale charge
Revised charges from the start of the first VAT period beginning on after 1 May 2010:
CO2 band	12-month period	3-month period	1-month period
g/km	£	£	£
120 or less	570	141	47
125	850	212	70
130	850	212	70
135	910	227	75
140	965	241	80
145	1,020	255	85
150	1,080	269	89
155	1,135	283	94
160	1,190	297	99
165	1,250	312	104
170	1,305	326	108
175	1,360	340	113
180	1,420	354	118
185	1,475	368	122
190	1,530	383	127
195	1,590	397	132
200	1,645	411	137
205	1,705	425	141
210	1,760	439	146
215	1,815	454	151
220	1,875	468	156
225	1,930	482	160
230 or more	1,985	496	165

No charge applies to cars incapable of producing CO2 engine emissions and a 5% charge applies to cars within an emissions figure of 75 g/km or less Car fuel benefit: For 2010/11, car fuel benefit is calculated by applying the above car benefit percentage to a figure of £18,000.    

Tax-free mileage allowances : Employee's own vehicle
Motorcars and vans	2010/11
Up to 10,000 business miles	40p
Over 10,000 business miles	25p
Each passenger making same trip	5p
Motorcycles	24p
Cycles	20p

 

Advisory fuel rates for company car from 1 June 2010
Cylinder capacity	Petrol	Diesel	LPG
Up to 1,400 cc	12p	11p	8p
1,400 cc to 2,000 cc	15p	11p	10p
Over 2,000 cc	21p	16p	14p

  Stamp Taxes Shares and marketable securities 0.5%* * Rounded up to the nearest multiple of £5. Transactions of value £1,000 or less exempt

Transfers of land and buildings (consideration paid)
Residential*	Non-residential	Rate
£125,000 or less	£150,000 or less	Nil
£125,001-£250,000	£150,001-£250,000	1%**
£250,001-£500,000	£250,001-£500,000	3%
Over £500,000	Over £500,000	4%
Leases
Rent (net present value)
Residential*	Non-residential	Rate
Up to £125,000	Up to £150,000	Nil
Over £125,000	Over £150,000	1%