Independent Financial Advisors - IFA Bolton, UK

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Tax Tables

Independent Financial Advisor Limited Tax Tables 2009-10

Income tax, capital gains tax, and inheritance tax

£ per year (unless stated)

2008-09

2009-10

Income tax personal and age-related allowances

Personal allowance (age under 65)

£6,035

£6,475

Personal allowance (age 65-74)

£9,030

£9,490

Personal allowance (age 75 and over)

£9,180

£9,640

Married couple's allowance* (age 75 and

over)

£6,625

£6,965

Married couple's allowance* - minimum

amount

£2,540

£2,670

Income limit for age-related allowances

£21,800

£22,900

Blind person’s allowance

£1,800

£1,890

Capital gains tax annual exempt amount

Individuals etc.

£9,600**

£10,100

Most trustees

£4,800

£5,050

Inheritance tax threshold

£312,000

£325,000

Pension schemes allowances

Annual Allowance

£235,000

£245,000

Lifetime Allowance

£1,650,000

£1,750,000

*Married couple's allowance is given at the rate of 10 per cent.

** From 06/04/2008 a new entrepreneurs’’ relief was introduced. The first £1 million of qualifying gains (lifetime total) is taxed at an effective rate of 10% and any excess is charged at 18%.

 

Income tax: taxable bands

£ per year

2008-09

2009-10

Starting rate: 10%*

£2,230

£2,440

Basic rate: 20%

£0-£36,000

£0-£37,400

Higher rate: 40%

Over £36,000

Over £37,400

* A new 10% starting rate for savings income only is introduced from 06/04/2008 (no longer applies to earned income and pensions). The 20% (lower rate) for savings is merged with the basic rate. Dividend income is taxed at 10% (income up to the basic rate) and 32.5% (higher rate).

Corporation tax on profits

£ per year (unless stated)

2008-09

2009-10

Small Companies Rate

£1-£300,000*

21%

21%

Marginal relief applies £300,001 - £1,500,000

Marginal Relief

Marginal Relief

Main Rate

£1,500,001 or more

28%

28%

A company’s capital gains are charged to tax at its Corporation Tax rate.

* The small companies’ rate applies to the first £300,000 of profits (whether retained or distributed as dividends).

 
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