Tax allowances for 2011/2012

Published:
24 March 2011
Topic:
News,Money

Want to know what your tax allowances will be for the 2011/12 tax year? We've compiled these easy-to-read tables, giving you all the information you need.

ISAs

 

Until
April 5 2011

From
April 6 2011

 Change

Annual allowance

£10,200

£10,680

+ £480

Cash element

£5,100

£5,340

+ £240

Inheritance Tax

 

2010-2011

2011-2012

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 in 2010. 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%.

 

2010-2011

2011-2012

 Change

Individuals

£10,100

£10,600

+£500


Pension Scheme - Personal Allowance

 

2010-2011

2011-2012

 Change

Annual allowance

£255,000

£50,000

-£205,000

Lifetime allowance

£1,800,000

£1,500,000

-£300,000


Income Tax - Personal Allowances

 

2009-2010

2010-2011

 From April 2011

 Change

Up to 64 Years

£6,475

£6,475

 £7,475

+£1,000

65 - 74 Years*

£9,490

£9,490

 £9,940

+£450

Over 75 Years*

£9,640

£9,640

 £10,090

+£450

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

£6,965

£6,965

 £7,295

+£330

Married couple's allowance^ (minimum amount)

£2,670

£2,670

 £2,800

+£130

 Income limit for age-related allowances

£22,900

£22,900 

 £24,000

+£1,100


* 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

 

2010-2011

2011-2012

Basic Rate 20%

£0 - £37,400

£0 - £35,000

 Higher Rate 40%

£37,401 - £150,000

£35,001 - £150,000

 Additional Rate 50%

£150,000 and over

 £150,000 and over


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 £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 http://www.hmrc.gov.uk/so/dar/dar-search.htm

Source: HMRC

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