Clare Francis, Site Editor
In case you are wondering what your tax allowances will be for the next tax year, we have compiled some easy-to-read tables for you. These should provide all the information you need.
Isas
|
|
Until
April 5 2008 |
From
April 6 2008 |
Change |
|
Annual allowance |
£7,000 |
£7,200 |
+ £200 |
|
Cash element |
£3,000 |
£3,600 |
+ £600 |
Inheritance Tax
|
|
2007-2008 |
2008-2009 |
Change |
|
Personal allowance |
£300,000 |
£312,000 |
+ £12,000 |
|
Couples allowance |
£600,000 |
£625,000 |
+ £25,000 |
Capital Gains Tax - Personal Allowance
|
|
2007-2008 |
2008-2009 |
Gains above
annual exemption* |
|
Individuals |
£9,200 |
£9,600 |
18% |
* From April 6 2008. New entrepreneurs' relief will reduce the effective tax rate on some gains to 10 per cent.
Pension Scheme - Personal Allowance
|
|
2007-2008 |
2008-2009 |
Change |
|
Annual allowance |
£225,000 |
£235,000 |
+ £10,000 |
|
Lifetime allowance |
£1,600,000 |
£1,650,000 |
+ £50,000 |
Income Tax - Personal Allowances
|
|
2007-2008 |
2008-2009 |
Change |
|
Up to 64 Years |
£5,225 |
£5,435 |
+ £210 |
|
65 - 74 Years* |
£7,550 |
£9,030 |
+ £1,480 |
|
Over 75 Years* |
£7,690 |
£9,180 |
+ £1,490 |
|
Married couples allowance* ^
(aged less than 75 and born before 6th April 1935) |
£6,285 |
£6,535 |
+ £250 |
|
Married couples allowance* ^ (aged 75 and over) |
£6,365 |
£6,625 |
+ £260 |
|
Married couples allowance^ (minimum amount) |
£2,440 |
£2,540 |
+ £100 |
|
Income limit for age-related allowances |
£20,900 |
£21,800 |
+ £900 |
* These allowances may be lower depending on your income. For more information on how age-related allowances work visit http://www.hmrc.gov.uk/pensioners/allowances.htm
^ Married couple's allowance is given at the rate of 10%. It applies to couples where at least one spouse was born before April 6 1935.
Income: Taxable bands*
|
|
2007-2008 |
2008-2009 |
|
Starting Rate 10% |
£0 - £2,230 |
- |
|
Basic Rate 20%** |
£2,231 - £34,600 |
£0 - £36,000 |
|
Higher Rate 40% |
£34,600 and Over |
£36,000 and Over |
* Tax is levied on income above your personal allowance. ** From April 6 2008. Currently 22%.
Stamp Duty
|
Rate |
Residential in
disadvantaged
areas* |
Residential outside
disadvantaged
areas* |
Non-residential |
|
|
Total value of consideration |
|
Zero |
£0 - £150,000 |
£0 - £125,000 |
£0 - £150,000 |
|
1% |
Over £150,000 -
£250,000 |
Over £125,000 -
£250,000 |
Over £150,000 -
£250,000 |
|
3% |
Over £250,000 -
£500,000 |
Over £250,000 -
£500,000 |
Over £250,000 -
£500,000 |
|
4% |
Over £500,000 |
Over £500,000 |
Over £500,000 |
* To find out whether the area you are looking to buy in is classed as disadvantaged, visit http://www.hmrc.gov.uk/so/dar/dar-search.htm
Source: HMRC
Relevant Links
