Tax allowances 2012/13

Published:
19 March 2012
Topic:
News,Money

Want to know what your tax allowances will be for the 2012/13 tax year? We've compiled these easy-to-read tables, giving you all the information you need.

ISAs

 

Until 
April 5 2012

From 
April 6 2012

 Change

Annual allowance

£10,680

£11,280

+ £600

Cash element

£5,340

£5,640

+ £300

Inheritance Tax

 

2011-2012

2012-2013

Change

Personal allowance

£325,000

£325,000

£0

Couple's allowance

£650,000

£650,000

£0


Capital gains tax allowance

Changes were made to the rate at which Capital Gains Tax (CGT) is paid in the coalition government's Emergency Budget in 2010. The rates of CGT remain at 18% for non and basic rate taxpayers, while higher and additional rate taxpayers, as well as most trusts, will pay at a rate of 28%. The CGT allowance has also been frozen at last year's level.

 

2011-2012

2012-2013

 Change

Individuals

£10,600

£10,600

£0


Pension Scheme - Personal Allowance

From April 6 2012 the lifetime allowance for pension savings will reduce by £300,000 from £1.8million to £1.5million. However, you can still carry over three years' allowance at the old threshold.

For any pension scheme members that have already built up savings in excess of £1.5 million, or have planned to do so as they were unaware that the lifetime allowance would not reduce from the current level, there will be a new form of protection called 'fixed protection'. For more information visit http://www.hmrc.gov.uk/pensionschemes/fixed-protection.htm

 

 

2011-2012

2012-2013

 Change

Annual allowance

£50,000

£50,000

£0

Lifetime allowance

£1,800,000

£1,500,000

-£300,000


Income Tax - Personal Allowances

 

2010-2011

2011-2012

 From April 2012

 Change

Up to 64 Years

£6,475

£7,475

 £8,105

+£630

65 - 74 Years*

£9,490

£9,940

 £10,500

+£560

Over 75 Years*

£9,640

£10,090

 £10,660

+£570

 Married couple's allowance* ^ (aged 75 and over)

£6,965

£7,295

 £7,705

+£410

Married couple's allowance^ (minimum amount)

£2,670

£2,800

 £2,960

+£160

 Income limit for age-related allowances

£22,900

£24,000 

 £25,400

+£1,400


* These allowances may be lower depending on your income. For more information on how age-related allowances work visit http://www.hmrc.gov.uk/rates/it.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

 

2011-2012

2012-2013

Basic Rate 20%

£0 - £35,000

£0 - £34,370

 Higher Rate 40%

£35,001 - £150,000

£34,371 - £150,000

 Additional Rate 50%

£150,000 and over

 £150,000 and over


Stamp Duty

Rate

Residential in
advantaged 
areas*

Residential outside
disadvantaged 
areas*

Non-residential

 

Total value of consideration

Zero

£0 - £150,000

£0 - £125,000

£0 - £150,000

1%

Over £125,000 - 
£250,000

Over £150,000 - 
£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 to £1million

Over £500,000 to £1million

Over £500,000

5%

 Over £1million

 Over £1million

 N/A

* To find out whether the area you are looking to buy in is classed as disadvantaged, visit www.hmrc.gov.uk/so/dar/dar-search.htm

Source: HMRC

Please note: Any rates or deals mentioned in this article were available at the time of writing. Click on a highlighted product and apply direct.

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