TAX
TABLES 2008
Income
Tax
| |
08-09 |
07-08 |
| Starting
rate of 10% on first |
£2,320* |
£2,230 |
| Income
to which starting rate applies |
Savings |
All |
| Basic
rate on earned, pensions and property
income |
20% |
22% |
| Basic
rate on savings income |
20% |
20% |
| Higher
rate of 40% on income over
|
£36,000 |
£34,600 |
Dividends
for:
basic rate taxpayers
higher rate taxpayers |
10%
32.5% |
10%
32.5% |
| Trusts: |
|
|
standard
rate band generally
dividends (rate applicable to
trusts)
other income (rate applicable
to trusts) |
£1,000
32.5%
40% |
£1,000
32.5%
40% |
| |
|
|
| Pre-owned
assets tax (£5,000 minimum
taxable) |
As
income |
|
*Only
applicable where taxable non-savings income
is under £2,320
Main
Personal Allowances and Reliefs
| |
08-09 |
07-08 |
| Personal
(basic) |
£5,435 |
£5,225 |
| Personal
(65–74) |
£9,030 |
£7,550 |
| Personal
(75 & over) |
£9,180 |
£7,690 |
| Married
couples/civil partners (minimum)
at 10%† |
£2,540 |
£2,440 |
| Married
couples/civil partners (under
75) at 10%†
|
£6,535 |
£6,285 |
| Married
couples/civil partners (75 +)
at 10% |
£6,625 |
£6,365 |
| Age-related
reliefs reduced by 50% of income
over |
£21,800 |
£20,900 |
| Blind
persons |
£1,800 |
£1,730 |
| Rent-a-room
tax-free income |
£4,250 |
£4,250 |
| Venture
capital trust (VCT) at 30% |
£200,000 |
£200,000 |
| Enterprise
investment scheme (EIS) at 20% |
£500,000 |
£400,000 |
| EIS
eligible for capital gains tax
re-investment relief |
No
limit |
| |
|
|
| †Where
at least one spouse/civil partner
was born before 6 April 1935 |
|
|
| |
|
|
| Non-domicile
Charge: charge for adult non-UK
domiciliary |
|
|
| after
UK residence in at least 7 of
the previous 9 tax years |
£30,000 |
– |
|
©
Copyright 12 March 2008, subject to Finance
Act 2008. For information only. Always seek
professional advice before acting.
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