Tax allowances 2013/14

Published:
14 March 2013
Topic:
News,Money,ISA,Mortgages,Pensions

Want to know what your tax allowances will be for the 2013/14 tax year? Then check out our easy to read guide for all the information you'll need.

CLICK HERE for 2014/15 tax allowances

ISAs

 

Until 
April 5 2013

From 
April 6 2013

 Change

Annual allowance

£11,280

£11,520

+ £240

Cash element

£5,640

£5,760

+ £120

Junior ISA allowance

£3,600

£3,720

+£120

Child Trust Fund
allowance

£3,600

£3,720

+£120

Inheritance Tax

 

2012-2013

2013-2014

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 will increase in line with Consumer Prices Index (CPI) (then 1% in 2014-15).

 

2012-2013

2013-2014

Change

Individuals

£10,600

£10,900

+£300

Pension Scheme - Personal Allowance

As of April 6, 2012 the lifetime allowance for pension savings was reduced by £300,000 from £1.8million to £1.5million and will remain at the same level from April 6, 2013.

For any pension scheme members who 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, click here.

 

2012-2013

2013-2014

 Change

Annual allowance

£50,000

£50,000

£0

Lifetime allowance

£1,500,000

£1,500,000

£0

Income Tax - Personal Allowances

 

2012-2013

 From April 2013

 Change

Those born after April 5, 1948*

£8,105

 £9,440

+£1,335

Those born between April 6, 1938 and
April 5, 1948*

£10,500

£10,500 

£0

Those born before April 6, 1938

£10,660

£10,660 

£0

 Married couple's allowance* ^ (for people born before April 6, 1935)

£7,705

£7,915 

+£210

Married couple's allowance^ (minimum amount)

£2,960

 £3,040

+£80

 Income limit for age-related allowances

£25,400

£26,100 

+£700

Blind person's allowance

£2,100

£2,160

+£60


* These allowances may be lower depending on your income. As of 2013-14, an individual's personal allowance will based upon date of birth and income in the tax year. For more information on how age-related allowances work, click here.

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

 

2012-2013

2013-2014

Basic Rate 20%

£0 - £34,370

£0 - £32,010

 Higher Rate 40%

£34,371 - £150,000

£32,011 - £150,000

 Additional Rate 45% from
April 6, 2013 (formerly 50%)

Over £150,000

 Over £150,000

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%

£150,001 -
£250,000

£125,001 - 
£250,000

£150,001 - 
£250,000

3%

£250,001 -
£500,000

£250,001 - 
£500,000

£250,001 -
£500,000

 4%

£500,001 to £1million

£500,001 to £1million

Over £500,000

5%

 Over £1million to £2million

 Over £1million to £2million

 N/A

7%

Over £2million

Over £2million

N/A

15%

Over £2million bought by
corporate bodies

Over £2million bought by
corporate bodies

N/A

* To find out whether the area you are looking to buy in is classed as disadvantaged, click here.

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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Les Roberts

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