Tax allowances for 2010/2011

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Published:
22 June 2010
Topic:
ISA,Mortgages,Savings,News,Money

If you're wondering what your tax allowances will be for the next tax year, we've compiled some easy-to-read tables for you. These should provide all the information you need.

ISAs

 

Until
April 5 2010

From
April 6 2010

 Change

Annual allowance

£7,200*

£10,200

+ £3,000

Cash element

£3,600*

£5,100

+ £1,500

* Following the 2009 Budget, the annual ISA allowance increased from October 2009 for those aged 50 and above. From April 2010 this is now rolled out for all taxpayers

Inheritance Tax

 

2009-2010

2010-2011

Change

Personal allowance

£325,000

£325,000

+£0

Couple's allowance

£650,000

£650,000

+£0


Capital gains tax - Personal Allowance

Changes were made to the rate at which CGT is paid in the coalition government's Emergency Budget. Basic rate taxpayers will continue to pay at a rate of 18%, while higher and 50% rate taxpayers will pay at a rate of 28%.

 

2009-2010

2010-2011

 Change

Individuals

£10,100

£10,100

+£0


Pension Scheme - Personal Allowance

 

2009-2010

2010-2011

 Change

Annual allowance

£245,000

£255,000

+ £10,000

Lifetime allowance

£1,750,000

£1,800,000

+ £50,000


Income Tax - Personal Allowances

 

2009-2010

2010-2011

 From April 2011

 Change

Up to 64 Years

£6,475

£6,475

 £7,475

+£0

65 - 74 Years*

£9,490

£9,490

 Not yet known

+£0

Over 75 Years*

£9,640

£9,640

 Not yet known

+£0

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

£6,965

£6,965

 Not yet known

+£0

Married couple's allowance^ (minimum amount)

£2,670

£2,670

 Not yet known

+£0

 Income limit for age-related allowances

£22,900

£22,900 

 Not yet known

+£0


* 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

 

2009-2010

2010-2011

Starting Rate 10%*

£0 - £2,440

£0 - £2,440

Basic Rate 20%

£0 - £37,400

£0 - £37,400

 Higher Rate 40%

£37,400 and over

£37,401 - £150,000

 Additional Rate 50%

 n/a

 £150,000 and over

*From 2008-09 there is a 10% starting rate for savings income only. If your non-savings income is above this limit then the 10% starting rate for savings will not apply.

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

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