|
Sage Instant Accounts Buy and download instantly! Click here to find out more. |
Income tax, Capital Gains Tax, Inheritance Tax Rates - 2007/8 | |
| £ per year (unless stated) | 2006-07 | Change | 2007-08 | ||
| Income tax personal and age-related allowances | |||||
| Personal allowance (age under 65) | £5,035 | +£190 | £5,225 | ||
| Personal allowance (age 65-74) | £7,280 | +£270 | £7,550 | ||
| Personal allowance (age 75 and over) | £7,420 | +£270 | £7,690 | ||
| Married couple's allowance* (aged less than 75 and born before 6th April 1935) | £6,065 | +£220 | £6,285 | ||
| Married couple's allowance* (age 75 and over) | £6,135 | +£230 | £6,365 | ||
| Married couple's allowance* - minimum amount | £2,350 | +£90 | £2,440 | ||
| Income limit for age-related allowances | £20,100 | +£800 | £20,900 | ||
| Blind person’s allowance | £1,660 | +£70 | £1,730 | ||
| Capital gains tax annual exempt amount | |||||
| Individuals etc. | £8,800 | +£400 | £9,200 | ||
| Most trustees | £4,400 | +£200 | £4,600 | ||
| Inheritance tax threshold | £285,000 | +£15,000 | £300,000 | ||
| Pension schemes allowances | |||||
| Annual Allowance | £215,000 | +£10,000 | £225,000 | ||
| Lifetime Allowance | £1,500,000 | +£100,000 | £1,600,000 | ||
| £ per year | 2006-07 | 2007-08 |
| Starting rate: 10%* | £0-£2,150 | £0-£2,230 |
| Basic rate: 22%* | £2,151-£33,300 | £2,231-£34,600 |
| Higher rate: 40%* | Over £33,300 | Over £34,600 |
* 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 21, 2007
|
| Our Partners |
|
Hiscox Office Insurance Instant Online Quotation Bibby Financial Services Funding your business Cashflow Problems? Try Invoice Financing Save on Car Rental Discounts with Budget Public Liability Insurance Get online cover now Company Information Online credit checking 2 Years FREE Banking Alliance & Leicester Company Formation Instant online setup! |
| Key Services |
|
£20 Free Postage & 30 Day No Ties Trial SEO-friendly website for just £200 Virtual Office Service For full details click here. FREE Call Answering Hot Office - More info |
| Key Money Guides |
| Tax Rates 2007-8 |
| Start Up Services |
| Business Insurance Read our key insurance guides - from Public Liability to Professional Indemnity, click here |

