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
| | 2010/11 £ | 2009/10 £ | Individuals | | | Exemption | 10,100 | 10,100 | | Balance of gains | 18% | 18% | Trusts | | | Exemption | 5,050 | 5,050 | Balance of gains | 18% | 18% |
Entrepeneurs' Relief
The first £2M (£1M for disposals before 6 April 2010) of qualifying gains are charged at an effective rate of 10%. Gains in excess of the limit are charged at 18%.
| Death rate | Lifetime
rate | Chargeable transfers | | % | % | 2010/11 £'000 | 2009/10 £'000 | Nil | Nil | 0-325* | 0-325* | 40 | 20 | Over 325* | 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% | Over 500,000 | Over 500,000 | Over 500,000 | 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.
| Class 1 (employed) | 20010/11 rates | Weekly earnings | Employer | Employee | Up to £110 | Nil* | Nil* | £110.01 - £844 | 12.8%** | 11%** | Over £844 | 12.8%** | £80.74 plus 1%*** | | | | Entitlement to contribution-based benefits retained for earnings between £97.01 and £110 per week. | ** On Earnings above £110 | *** On Earnings above £844 | | | | Class 1A (employers) | 12.8% on employee taxable benefits | Class 1B (employers) | 12.8% on PAYE Settlement Agreements | Class 2 (self-employed) | flat rate per week £2.40
small earnings exception £5,075 p.a. | Class 3 (voluntary) | flat rate per week £12.05 | Class 4 (self-employed) | 8% on profits between £5,715 and £43,875 plus 1% on profits over £43,875 |
| Weekly benefit | | 2010/11 | 2009/10 | Basic retirement pension | -single person | £97.65 | £95.25 | | -married couple | £156.15 | £152.30 | Statutory pay rates | average weekly earnings | £97 or over | £95 or over | Statutory Sick Pay | | £79.15 | £79.15 | Statutory Maternity Pay | | | | First six weeks | | 90% of weekly earnings | Next 33 weeks | | £124.88* | £123.06* | Statutory Paternity Pay - two weeks | | £124.88* | £123.06* | Statutory Adoption Pay - 39 Weeks | | £124.88* | £123.06* | * Or 90% of weekly earnings if lower. |
| 31 July 2010 - Second Payment on account for 2009/10. | 5 October 2010 - Deadline for notifying HMRC of new sources of income if no tax return has been issued for 2009/10. | 31 October 2010 - Deadline for submission of 2009/10 non-electronic returns. Also, the deadline for submission of 2009/10 returns requiring HMRC calculation and where the taxpayer wants a balancing payment (below £2,000) collected through their 2011/12 PAYE code. | 31 January 2011 - Deadline for filing electronic tax returns for 2009/10.
Balancing payment due for 2009/10. First payment on account due for 2010/11. |
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. |
