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Income Tax Rates 2006/7 - Personal Allowance, CGT, Inheritance Tax, Taxable Bands

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The table below shows personal tax rates for the 2006/7 tax year. For the latest 2007/8 rates, as announced by the Chancellor on 21st March 2007, click here.

£ per year (unless stated)

2005-06

Change

2006-07

Income tax personal and age-related allowances

Personal allowance (age under 65)

£4,895

+£140

£5,035

Personal allowance (age 65-74)

£7,090

+£190

£7,280

Personal allowance (age 75 and over)

£7,220

+£200

£7,420

Married couple's allowance* (aged less than 75 and born before 6th April 1935)

£5,905

+£160

£6,065

Married couple's allowance* (age 75 and over)

£5,975

+£160

£6,135

Married couple's allowance* - minimum amount

£2,280

+£70

£2,350

Income limit for age-related allowances

£19,500

+£600

£20,100

Blind person’s allowance

£1,610

+£50

£1,660

Capital gains tax annual exempt amount

Individuals etc.

£8,500

+£300

£8,800

Most trustees

£4,250

+£150

£4,400

Inheritance tax threshold

£275,000

+£10,000

£285,000

Pension schemes allowances

Annual Allowance

N/A

N/A

£215,000

Lifetime Allowance

N/A

N/A

£1,500,000

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

Income tax: taxable bands

£ per year

2005-06

2006-07

Starting rate: 10%* 

£0-£2,090

£0-£2,150

Basic rate: 22%* 

£2,091-£32,400

£2,151-£33,300

Higher rate: 40%* 

Over £32,400

Over £33,300

* The rate of tax applicable to savings income in Section 1A ICTA 1988 remains at 20 per cent for income between the starting and basic rate limits. The rates applicable to dividends are 10 per cent for income up to the basic rate limit and 32.5 per cent above that.

Posted March 27, 2006

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