Tax Numbers for 2012/13

Newsletter issue - January 2012.

Tax rates and thresholds for 2012/13 have been announced as follows:

Income Tax Personal Allowances
Under 65: £8,105
65-75: £10,500
75 and over: £10,660
Minimum marriage allowance: £2,960
Maximum marriage allowance: £7,705
Blind person's allowance: £2,100
Income limit for those aged 65 or more: £25,400
Income limit for under 65 personal allowance: £100,000

Income Tax Rates
Savings rate* (10%): £0 - 2,710
Basic rate (20%): £0 - 34,370
Higher rate (40%): £34,371 to 150,000
Additional rate (50%): Over £150,000

* Rate does not apply where other income exceeds the savings rate threshold.

Different tax rates apply for dividend income as follows:

Basic rate (10%): £0 - 34,370
Higher rate (32.5%): £34,371 to 150,000
Additional rate (42.5%): Over £150,000

NI
The rates and weekly thresholds for NI contributions will be:

Employer's class 1 above primary threshold (above £144): 13.8%
Employee's class 1 not contracted out (from £146 to £817): 12%
Employee's additional class 1 (above £817): 2%
Self-employed class 4 (annual figures from £7,605 to £42,475): 9%
Self-employed class 4 additional rate (above £42,475 per year): 2%
Self-employed class 2: £2.65 per week
Voluntary contributions class 3: £13.25 per week

Capital Gains Tax
Tax rates for individuals

Up to basic rate band: 18%
Above basic rate band: 28%
Annual exemption: £10,600

Corporation Tax
From 1 April 2012:

Profit of £0 - £300,000: 20%
Profit of £300,000- £1,500,000: 26.25%
Profit of £1,500,000 and over: 25%

These rates apply where there are no associated companies.