Tax tables 2011-12
Posted by AccountingWEB.co.uk in Tax on Thu, 09/12/2010 – 13:32
These tables reflect announcements made on 24 March, 22 June and 2 & 9 December 2010. For more detail on these rates, see Annual uprating of certain tax and tax credits rates and thresholds (112kb PDF)
Income tax, capital gains tax, and inheritance tax
Per year | 2010-11 | 2011-12 | |
Income tax personal and age-related allowances | |||
Personal allowance (age under 65) | £6,475 | £7,475 | |
Personal allowance (age 65-74) | £9,490 | £9,940 | |
Personal allowance (age 75 and over) | £9,640 | £10,090 | |
Married couple’s allowance* (age 75 and over) | £6,965 | £7,295 | |
Married couple’s allowance* – minimum amount | £2,670 | £2,800 | |
Income limit for age-related allowances | £22,900 | £24,000 | |
Income limit for under 65 personal allowance | £100,000 | £100,000 | |
Blind person’s allowance | £1,890 | £1,980 | |
Capital gains tax annual exempt amount** | |||
Individuals etc. | £10,100 | £10,100 | |
Most trustees | £5,050 | £5,050 | |
Individual inheritance tax allowance | £325,000 | £325,000 | |
Pension schemes allowances | |||
Annual Allowance | £255,000 | £50,000 | |
Lifetime Allowance | £1,800,000 | £1,500,000 |
* Married couple’s allowance is given at the rate of 10%.
** 2011-12 annual exempt amounts for CGT not yet confirmed.
Income tax: Taxable bands
2010-11 | 2011-12 | |
Savings starting rate*: 10% | 0 – £2,440 | 0 – £2,560 |
Basic rate: 20% | 0 – £37,400 | 0 – £35,000 |
Higher rate: 40% | £37,401 – £150,000 | £35,001 – £150,000 |
Additional rate : 50% | Over £150,000 | Over £150,000 |
* only available if non savings income is less than this amount
Capital gains tax rates
2010-11 | 2011-12 | |
Standard rate of CGT | 18% | 18% |
Higher rate (from 23/6/10) | 28% | 28% |
Entrepreneurs’ Relief fraction (to 22/6/10) | 4/9 | n/a |
Rate for Entrepreneurs (from 23/6/10) | 10% | 10% |
Corporation tax on profits
£ per year (unless stated) | 2010-11 | 2011-12 |
£0-£300,000 | 21% | 20% |
£300,001 – £1,500,000 | Marginal rate | Marginal rate |
£1,500,001 or more | 28% | 27% |
National insurance contributions
per week (unless stated) | 2010-11 | 2011-12 |
Lower earnings limit, primary Class 1 | £97 | £102 |
Upper earnings limit, primary Class 1 | £844 | £817 |
Upper Accruals point | £770 | £770 |
Primary threshold | £110 | £139 |
Secondary threshold | £110 | £136 |
Employees’ primary Class 1 rate between primary threshold and upper earnings limit | 11% | 12% |
Employees’ primary Class 1 rate above upper earnings limit | 1% | 2% |
Employees’ contracted-out rebate – salary-related schemes | 1.6% | 1.6% |
Employees’ contracted-out rebate – money-purchase schemes | 1.6% | 1.6% |
Married women’s reduced rate between primary threshold and upper earnings limit | 4.85% | 5.85% |
Married women’s rate above upper earnings limit | 1% | 2% |
Employers’ secondary Class 1 rate above secondary threshold | 12.8% | 13.8% |
Employers’ contracted-out rebate, salary-related schemes | 3.7% | 3.7% |
Employers’ contracted-out rebate, money-purchase schemes | 1.4% | 1.4% |
Class 2 rate | £2.40 | £2.50 |
Class 2 small earnings exception (per year) | £5,075 | £5,315 |
Special Class 2 rate for share fishermen | £3.05 | £3.15 |
Special Class 2 rate for volunteer development workers | £4.75 | £5.10 |
Class 3 rate (per week) | £12.05 | £12.60 |
Class 4 lower profits limit (per year) | £5,715 | £7,225 |
Class 4 upper profits limit (per year) | £43,875 | £42,475 |
Class 4 rate between lower profits limit and upper profits limit | 8% | 9% |
Class 4 rate above upper profits limit | 1% | 2% |
Working and child tax credits rates
£ per year (unless stated) | 2010-11 | 2011-12 | |
Working Tax Credit | |||
Basic element | £1,920 | £1,920 | |
Couple and lone parent element | £1,890 | £1,950 | |
30 hour element | £790 | £790 | |
Disabled worker element | £2,570 | £2,650 | |
Severe disability element | £1,095 | £1,130 | |
50+ Return to work payment (16-29 hours) | £1,320 | £1,365 | |
50+ Return to work payment (30+ hours) | £1,965 | £2,030 | |
Childcare element of the Working Tax Credit | |||
Maximum eligible cost for one child | £175 pw | £175 pw | |
Maximum eligible cost for two or more children | £300 pw | £300 pw | |
Percentage of eligible costs covered | 80% | 70% | |
Child Tax Credit | |||
Family element | £545 | £545 | |
Family element, baby addition* | £545 | n/a | |
Child element | £2,300 | £2,555 | |
Disabled child element | £2,715 | £2,800 | |
Severely disabled child element | £1,095 | 1,130 | |
Income thresholds and withdrawal rates | |||
First income threshold | £6,420 | £6,420 | |
First withdrawal rate | 39% | 41% | |
Second income threshold | £50,000 | £40,000 | |
Second withdrawal rate | 6.67% | 41% | |
First threshold for those entitled to Child Tax Credit only | £16,190 | £15,860 | |
Income disregard | £25,000 | £10,000 |
* The baby element of the Child Tax Credit will be removed from April 2011.
Individual Savings Account (ISA)
Annual ISA subscription limit |
2010-11 | 2011-12 |
Overall limit | £10,200 | £10,680 |
of which cash | £5,100 | £5,340 |
of which stocks & shares | £10,200 | £10,680 |
Stamp taxes and duties
Transfers of land and buildings (consideration paid)
From 1 January 2010
Rate | Residential in disadvantaged areas & Non residential | Residential outside disadvantaged areas | |
Total value of consideration | |||
Zero | £0 – £150,000 | £0 – £125,000 | |
1% | Over £150,000 – £250,000 | Over £125,000 – £250,000* | |
3% | Over £250,000 – £500,000 | Over £250,000 – £500,000 | |
4% | Over £500,000 | Over £500,000 |
* First time buyers can claim relief from SDLT on residential transactions up to £250,000 between 25 March 2010 and 25 March 2012
Fuel Duty
The next increase in fuel duty will be implemented in three stages: 1 pence per litre on 1 April 2010, 1 pence per litre on 1 October 2010, and 0.76 pence per litre on 1 January 2011.