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
|
|
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%.
|
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 |
|
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% |
|
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
|
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 |
|
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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