Rates & tablesIncome Tax
| Personal (tax free) Allowance |
2011-12 |
2012-13 |
| Up to 65 yrs |
|
£7,475 |
£8,105 |
| For those aged 65-74 |
up to |
£9,490 |
£10,500 |
| For those aged 75+ |
up to |
£10,090 |
£10,660 |
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Income Tax Rates
Amount in excess of personal allowance |
2011-12 |
2012-13 |
| Income chargeable at 20% (basic
rate) |
first |
£35,000 |
£34,370 |
| Income chargeable at 40% (higher
rate) |
next |
£35,001-£150,000 |
£34,371-£150,000 |
| Income chargeable at 50% (additional) |
excess over |
£150,000 |
£150,000 |
For 2012-13 there is a 10% starting rate for savings income only, with a limit
of £2,710 (2011-12 - £2,560). If an individual's taxable non-savings
income is above this limit then the 10% starting rate for savings will not apply.
For those with income over £100,000, the personal allowance is reduced
by £1 for every £2 in excess of £100,000 so that those earning
over £116,210 in 2012/2013 have their personal allowance completely removed.
Capital Gains Tax
| Individuals annual exemption |
2010-11 |
2011-12 |
| |
£10,100 |
£10,600 |
Special rules apply on the disposal of leasehold interests of less than 50
years.
Where a property has been at any time the principal residence of the taxpayer
and all or part of the property has been let as residential accommodation then
the gain attributable to the letting is reduced by the lower of a) an amount
equal to the part of the total gain that is exempt because of owner occupation
and b) £40,000.
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