Here are the 2011/12 tables for income tax, taxable bands, personal allowances, and dividend tax rates:
Income tax allowances – 2011/12
|Income Tax allowances||2009-10||2010-11||2011-12|
|Income limit for Personal Allowance||Not applicable||£100,000||£100,000|
Since 6th April 2010, the Personal Allowance reduces where the income is above £100,000 – by £1 for every £2 of income above this £100,000 limit.
Income Tax Rates & Taxable Bands – 2011/12
|Starting rate for savings: 10%||£0-£2,440||£0-£2,440||£0- £2,560|
|Basic rate: 20%||£0-£37,400||£0-£37,400||£0- £35,000|
|Higher rate: 40%||Over £37,400||£37,401-£150,000||£35,001-£150,000|
|Additional rate: 50%||Not applicable||Over £150,000||Over £150,000|
From 2008-09 there is a 10 per cent starting rate for savings income
only. If your non-savings income is above this limit then the 10 per
cent starting rate for savings will not apply.
Dividend Tax Rates
The rates available for dividends for the 2011/12 tax year remain unchanged – they are as follows:
- 10% ordinary rate.
- 32.5% dividend upper rate, for income in the £35,001-£150,000 bracket.
- 42.5% ‘additional’ tax rate applies for income in excess of £150,000 p.a.