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 23.6.10-5.4.11 £ | Individuals | | | Exemption | 10,600 | 10,100 | | Standard rate | 18% | 18% | | Higher rate* | 28% | 28% (18%) | Trusts | | | Exemption | 5,300 | 5,050 | Rate | 28% | 28% (18%) |
*For higher and additional rate taxpayers. Entrepeneurs' Relief
For disposals on or after 6 April 2011 the first £10m (£5m for disposals on or after 23 June 2010 and before 6 April 2011) of qualifying gains are charged at 10%. Gains in excess of the limit are charged at the rates detailed above.
| Death rate | Lifetime
rate | Chargeable transfers | % | % | 2011/12 and 2010/11 £'000 | Nil | Nil | 0-325* | 40 | 20 | Over 325* |
* Potentially increased for surviving spouses or civil partners who die on or after 9 October 2007.
Reliefs | | Annual exemption | £3,000 | Small gifts | £250 | | | Marriage | | -parent | £5,000 | -grandparent | £2,500 | -bride\groom | £2,500 | -other | £1,000 |
Reduced charge on gifts within seven years of death | | Years before death | 0-3 | 3-4 | 4-5 | 5-6 | 6-7 | % of death charge | 100 | 80 | 60 | 40 | 20 |
| Land and buildings (On full consideration paid) | Rate | Residential property* | Non-residential | | Disadvantaged
areas | Other | | | £ | £ | £ | Nil | 0 - 150,000 | 0 - 125,000 | 0 - 150,000 | 1%* | 150,001 - 250,000* | 125,001 - 250,000* | 150,001 - 250,000 | 3% | 250,001 - 500,000 | 250,001 - 500,000 | 250,001 - 500,000 | 4% | 500,001 - 1,000,000 | 500,001 - 1,000,000 | Over 500,000 | | 5%** | Over 1,000,000** | Over 1,000,000** | - | Shares and securities - rate 0.5% |
*Relief available for first time buyers for transactions with an effective date on or after 25 March 2010 and before 25 March 2012. **For transactions with an effective date on or after 6 April 2011.
| 2011/12 Class 1 (employed) contracted in rates | Employee | Employer | Earnings per week | % | Earnings per week | % | Up to £139 | Nil* | Up to £136 | Nil | £139.01 - £817 | 12 | Over £136 | 13.8 | Over £817 | 2 | | *Entitlement to contribution-based benefits retained for earnings between £102 and £139 per week. | | Class 1A (employers) | 13.8% on employee taxable benefits | Class 1B (employers) | 13.8% on PAYE Settlement Agreements | Class 2 (self-employed) | flat rate per week £2.50 | | small earnings exception £5,315 p.a. | Class 3 (voluntary) | flat rate per week £12.60 | Class 4 (self-employed) | 9% on profits between £7,225 and £42,475 plus 2% on profits over £42,475 |
| Weekly benefit | | 2011/12 | 2010/11 | Basic retirement pension | -single person | £102.15 | £97.65 | | -married couple | £163.35 | £156.15 | Statutory pay rates | average weekly earnings | £102 or over | £97 or over | Statutory Sick Pay | | £81.60 | £79.15 | Statutory Maternity Pay | | | | First six weeks | | 90% of weekly earnings | Next 33 weeks | | £128.73* | £124.88* | Statutory Paternity Pay - two weeks | | £128.73* | £124.88* | Statutory Adoption Pay - 39 Weeks | | £128.73* | £124.88* | *Or 90% of weekly earnings if lower. |
Additional Paternity Pay and Leave may be available for a child due or adoptions matched on or after 3 April 2011.
| 31 July 2011 - Second Payment on account for 2010/11. | 5 October 2011 - Deadline for notifying HMRC of new sources of income if no tax return has been issued for 2010/11. | 31 October 2011 - Deadline for submission of 2010/11 non-electronic returns. | 31 January 2012 - Deadline for filing electronic tax returns for 2010/11.
Balancing payment due for 2010/11. First payment on account due for 2011/12. |
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. |
