Northampton Office
Northampton

Tax Rates Summary

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


CAPITAL GAINS TAX

 

2011/12

                  £

2010/11     23.6.10-5.4.11           £

Individuals

 

 

Exemption

10,600

 10,100

Standard rate18%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. 


 

INHERITANCE TAX

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 death0-33-44-55-66-7

% of death charge

10080604020



 

STAMP DUTY & STAMP DUTY LAND TAX

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.
 



 

NATIONAL INSURANCE

2011/12 Class 1 (employed) contracted in rates

Employee

Employer

Earnings per week

%Earnings per week%

Up to £139

Nil*Up to £136Nil

£139.01 - £817

12Over £13613.8

 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

 



 

MAIN SOCIAL SECURITY BENEFITS

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.
 



 

SELF-ASSESSMENT: KEY DATES 2011/12

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.

 

 

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