CAPITAL GAINS TAX
INHERITANCE TAX
STAMP DUTY AND STAMP DUTY LAND TAX
NATIONAL INSURANCE
SOCIAL SECURITY BENEFITS
SELF ASSESSMENT: KEY DATES 2010/2011
INCOME TAX RELIEFS
TAX CREDITS
PENSION PREMIUMS
CAR AND FUEL BENEFITS
INDIVIDUAL SAVINGS ACCOUNTS
CORPORATION TAX
CAPITAL ALLOWANCES
VALUE ADDED TAX
| | 2011/12 | 2010/11 | Band £ | Rate % | Band £ | Rate % | 0 - 2,560 | 10* | 0 - 2,440 | 10* | | 0 - 35,000* | 20** | 0 - 37,400 | 20** | | 35,001 - 150,000 | 40*** | 37,401 - 150,000 | 40*** | | Over 150,000 | 50**** | Over 150,000 | 50**** | * Only applicable to dividends and savings income. The 10% rate is not available if taxable non-savings income exceeds £2,560 (£2,440).
** Except dividends (10%)
*** Except dividends (32.5%) ****Except dividends (42.5%). Other income taxed first, then savings income and finally dividends. |
| | | 2011/12
£ | 2010/11
£ | Personal allowance | - under 65 | 7,475 | 6,475 | | - 65 - 74* | 9,940 | 9,490 | | - 75 and over* | 10,090 | 9,640 | | (Reduce personal allowance by £1 for every £2 of adjusted net income over £100,000.) | Married couple's allowance (relief at 10%)* (Either partner 75 or over and born before 6 April 1935.) | 7,295 | 6,965 | | - min amount | 2,800 | 2,670 | *Age allowance income limit (Reduce age allowance by £1 for every £2 of excess income over £24,000(£22,900).) | 24,000 | 22,900 | Blind person's allowance | | 1,980 | 1,890 |
| | 2011/12 | 2010/11 | | | £ | £ | Working Tax Credit | | | Basic element - max. | 1,920 | 1,920 | Childcare element | | | 70% (80%) of eligible costs up to £175 per week (£300 if two or more children).
Child Tax Credit (CTC) | 2011/12 | 2010/11 | Child Element per child. - max | 2,555 | 2,300 | Family element | 545 | 545 | Baby addition | - | 545 |
Reduction in maximum rates
41% (39%) of income above £6,420* p.a. | *If only CTC is claimed, the threshold is £15,860 (£16,190) p.a.
The family element of CTC is not reduced unless income is more
than £40,000 (£50,000) p.a. when the withdrawal rate is 41% (6.67%). |
| 2011/12 | Tax relief available for personal contributions: higher of £3,600 (gross) or 100% of relevant earnings. Any contributions in excess of £50,000 (£255,000), whether personal or by the employer, may be subject to income tax on the individual. Where the £50,000 limit is not fully used it may be possible to carry the unused amount forward for three years. Employers will obtain tax relief on employer contributions if they are paid and made ‘wholly and exclusively’. Tax relief on large contributions may be spread over several years. |
| Company cars 2011/12 | CO2 Emissions (gm/km)
(round down to nearest 5gm/km) | % of car's list price taxed | Fuel Benefit
(£18,800 x %)
£ | | Up to 125 | 15 | 2,820 | 130 | 16 | 3,008 | | 135 | 17 | 3,196 | 140 | 18 | 3,384 | 145 | 19 | 3,572 | 150 | 20 | 3,760 | 155 | 21 | 3,948 | 160 | 22 | 4,136 | 165 | 23 | 4,324 | 170 | 24 | 4,512 | 175 | 25 | 4,700 | 180 | 26 | 4,888 | 185 | 27 | 5,076 | 190 | 28 | 5,264 | 195 | 29 | 5,452 | 200 | 30 | 5,640 | 205 | 31 | 5,828 | 210 | 32 | 6,016 | 215 | 33 | 6,204 | | 220 | 34 | 6,392 | | 225 and above | 35 | 6,580 | Company cars
For diesel cars add a 3% supplement but maximum still 35%. A 0% rate applies to cars which cannot emit CO2 when driven. A 5% rate applies to non-electric cars with emissions which do not exceed 75gm/km.
A 10% rate applies to non-electric cars with emissions which do not exceed 120gm/km. The diesel supplement can apply to 75 and 120gm/km cars. For cars registered before 1 January 1998 the charge is based on engine size.
The list price includes accessories and is not subject to an upper limit.
List price is reduced for capital contributions made by the employee up to £5,000. | Car fuel benefit
The charge does not apply to certain environmentally friendly cars. The charge is proportionately reduced if provision of private fuel ceases part way through the year. The fuel benefit is reduced to nil only if the employee pays for all private fuel. |
|
2011/12
Van Benefit £3,000 Fuel Benefit £550
The charges do not apply to vans which cannot emit CO2 when driven or if a 'restricted private use condition' is met throughout the year.
|
| Cars and vans | 2011/12 | These rates represent the maximum tax free mileage allowances for employees using their own vehicles for business. Any excess is taxable. If the employee receives less than the statuatory rate, tax relief can be claimed on the difference. | Up to 10,000 miles | 45p | Over 10,000 miles | 25p | Bicycles | 20p | Motorcycles | 24p |
| | | 2011/12 £ | 2010/11 £ | Overall annual investment limit | 10,680 | 10,200 | Comprising - cash up to | 5,340 max. | 5,100 max. | | - balance in stocks and shares | 10,680 max. | 10,200 max. |
| | | Year to 31.3.12 | Year to 31.3.11 | | | Profits band | Rate | Profits band | Rate | | £ | % | £ | % | | Small companies rate | 0 - 300,000 | 20* | 0 - 300,000 | 21* | Marginal (small companies) rate | 300,000 - 1,500,000 | 27.5* | 300,000 - 1,500,000 | 29.75* | Full rate | Over 1,500,000 | 26* | Over 1,500,000 | 28* | Small companies fraction | | 3/200* | | 7/400* | The profits are reduced for accounting periods of less than 12 months and for a company with associated companies
*Different rates apply for ring-fenced (broadly oil industry) profit. |
| Plant and machinery - Annual Investment Allowance (AIA) | The AIA gives a 100% write-off on most types of plant and machinery costs, including integral features and long life assets but not cars, of up to £100,000 p.a. (£50,000 for expenditure incurred before 6 April 2010 (1 April 2010 for companies). Special rules apply for accounting periods straddling these dates.) | | Any costs over the AIA fall into the normal capital allowances pools at either 10% or 20%. The AIA need to be shared between certain businesses under common ownership. | Other plant and machinery allowances | The annual rate of allowance is 20%. A 10% rate applies to expenditure incurred on integeral features and on long life assets. | | A 100% first year allowance may still be available on certain energy efficient plant and cars, including expenditure incurred on new and unused zero emission goods vehicles on or after 6 April 2010 (1 April for companies). | | Cars | For expenditure incurred on cars on or after 6 April 2009 (1 April 2009 for companies), costs are generally allocated to one of the two plant and machinery pools. Cars with CO2 emissions not exceeding 160gm/km receive a 20% allowance p.a. Cars with CO2 emissions over 160 gm/km receive a 10% allowance p.a. | Industrial and Agricultural Buildings and Hotels | The annual rate of allowance is nil (1%) from 6 April 2011 (1 April 2011 for companies). Special rules apply for accounting periods straddling these dates. |
| Standard Rate | 20% | Reduced Rate | 5% | Annual Registration Limit - from 1.4.11 (1.4.10 - 31.3.11 £70,000) | £73,000 | Annual Deregistration Limit - from 1.4.11 (1.4.10 - 31.3.11 £68,000) | £71,000 |
Disclaimer
The information contained in this site is of a general nature and is not a substitute for professional advice. You are recommended to obtain specific professional advice before you take any action. Whilst Jervis and Partners believe the information to be true, it accepts no responsibility for loss occasioned by any person acting or refraining from action as a result of the information. |
