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Income Tax Rates
Income Tax - taxable bands |
2012/13(£) |
2011/12(£) |
Basic rate: 20%: |
£0 - 34,370 |
£0 - 35,000 |
Higher rate: 40% |
£34,370 - £150,000 |
£35,001 - £150,000 |
Additional Rate: 50% |
£150,000 + |
£150,000 + |
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Income Tax – Personal Allowances |
2012/13(£) |
2011/12(£) |
Personal Allowance – under 65 |
£8,105 |
£7,475 |
Age –Allowance (65-74) |
£10,500 |
£9,940 |
Age-Allowance (75+) |
£10,660 |
£10,090 |
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(W.E.F 6/4/13 Age allowances will be frozen and new retires after that date will receive no additional personal allowances at all) |
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Dividends |
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Basic rate taxpayers |
10% |
10% |
Higher rate taxpayers |
32.5% |
32.5% |
Additional rate taxpayers |
42.5% |
42.5% |
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Pre-owned assets tax (£5,000 taxable threshold) |
As income |
As income |
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Discretionary and Relevant Property Trusts* |
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Standard rate band |
1,000 |
1,000 |
Dividends (rate applicable to trusts - RAT) |
42.5% |
42.5% |
Other income (rate applicable to trusts - RAT) |
50% |
50% |
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*from 6/4/2008 A&M trusts can only be created by a parent's will, all other trusts now under the RPT regime. |
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Interest In Possession Trusts |
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UK Dividends |
10% |
10% |
Savings, rent and trading |
20% |
20% |