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 2005/2006
INCOME TAX RELIEFS
TAX CREDITS

PENSION PREMIUMS
CAR AND FUEL BENEFITS
INDIVIDUAL SAVINGS ACCOUNTS
CORPORATION TAX
CAPITAL ALLOWANCES
VALUE ADDED TAX


CAPITAL GAINS TAX

 

2007/08 £

2008/09 £

Individuals

 

 

Exemption

9,200

 9,600

For 2008/09, balance of gains charged at 18%

Balance of gains (reduced by taper relief) charged as top slice of income (at savings rates - ie 10%, 20% or 40%)

 

 

Trusts

 

 

Exemption

4,600

4,800

Balance of gains (reduced by taper relief)

40%

18%

Taper relief 2007/08 and 2006/07 disposals

 

 

Percentage relist depends on number of complete years asset owned after 5 4 98.

 

 



Entrepeneurs' Relief
For gains arising on or after 6 April 2008, the first £1M of qualifying gains are charged at an effective rate of 10%. Gains in excess of £1M are charged at 18%.


INHERITANCE TAX

Death Rate

Lifetime
Rate

Chargeable Transfers

 

%

%

£'000
2007/08

£'000 2008/09

Nil

Nil

0-300

0-312*

40

20

Over 300

Over 312*


* 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


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%

Over 500,000

Over 500,000

Over 500,000

Shares and securities - rate remains unchanged at 0.5%




NATIONAL INSURANCE

Class 1 (employed)

2008/09 Rates

Weekly Earnings

Employer

Employee

Up to £100

Nil*

Nil*

£100.01 - £670

12.8%**

11%**

Over £670

12.8%**

£73.15 + 1% ***

 

 

 

Entitlement to contribution-based benefits retained for earnings between £87.01 and £100 per week.

** On Earnings above £100

*** On Earnings above £670

 

 

 

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 £2.30
small earnings exception p.a. £4,825

Class 3 (Voluntary)

Flat rate per week £8.10

Class 4 (Self-Employed)

8% on profits between £5,435 and £40,040 plus 1% on profits over £40,040


* Entitlement to contribution-based benefits retained for earnings between £90.01 and £105 per week.

** On earnings above £105

*** On earnings above £770



MAIN SOCIAL SECURITY BENEFITS

Weekly Benefit

 

2007/08

2008/09

Basic Retirement Pension

Single Person

£87.30

£90.70

 

Married Couple

£139.60

£145.05

Statutory Pay Rates

Average Weekly Earnings

£87 (£84) or over

 

Statutory Sick Pay

 

£72.55

£75.40

Statutory Maternity Pay

 

 

 

First six weeks

 

90% of weekly earnings

Next 33 weeks

 

£112.75*

£117.18*

Statutory Paternity Pay - Two weeks

 

£112.75*

£117.18*

Statutory Adoption Pay - 26 Weeks

 

£112.75*

£117.18*

* Or 90% of weekly earnings if lower




SELF-ASSESSMENT: KEY DATES 2008/2009

31 July 2008 - Second Payment on account for 2008/2009

5 October - Deadline for notifying HMRC of new sources of income if no tax return has been issued for 2007/08.

31 October 2008 - Deadline for submission of 2007/08 non-electronic returns. Also, the deadline for submission of 2007/08 returns requiring HMRC calculation and where the taxpayer wants a balancing payment (below £2,000) collected through their 2009/10 PAYE code.

31 January 2009 - Deadline for filing electronic tax returns for 2007/08.
Balancing payment due for 2007/08. First payment on account due for 2008/09.


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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