Tax allowances for 2009/2010

In case you're 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.

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If you're looking for the latest figures, read our article 'Tax allowances for 2010/2011'.

ISAs

 

Until
April 5 2009

From
April 6 2009

 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 increase is applicable to those aged over 50-years-old from October and from next April for those under 50-years-old.

Inheritance Tax

 

2008-2009

2009-2010

Change

Personal allowance

£312,000

£325,000

+ £13,000

Couples allowance

£625,000

£650,000

+ £25,000


Capital gains tax - Personal Allowance

 

2008-2009

2009-2010

 Change

Individuals

£9,600

£10,100

+£500


Pension Scheme - Personal Allowance

 

2008-2009

2009-2010

 Change

Annual allowance

£235,000

£245,000

+ £10,000

Lifetime allowance

£1,650,000

£1,750,000

+ £100,000


Income Tax – Personal Allowances

 

2008-2009

2009-2010

 Change

Up to 64 Years

£6,035

£6,475

+ £440

65 - 74 Years*

£9,030

£9,490

+ £460

Over 75 Years*

£9,180

£9,640

+ £460

Married couples allowance* ^
(aged less than 75 and born before 6th April 1935)

£6,535

£6,535

+ £0

 Married couples allowance* ^ (aged 75 and over)

£6,625

£6,965

+ £340

Married couples allowance^ (minimum amount)

£2,540

£2,670

+ £130

 Income limit for age-related allowances

£21,800

£22,900 

+ £1100


* 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.

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Income: Taxable bands

 

2008-2009

2009-2010

Starting Rate 10%

£0 - £2,320

£0 - £2,440

Basic Rate 20%

£0 - £34,800

£0 - £37,400

 Higher Rate 40%

£34,800 and Over

£37,400 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 £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

** As announced in the 2009 Budget - properties purchased at £175,000 and under will continue to benefit from the Stamp Duty exemption 'holiday' until the end of 2009, introduced in September 2008.

Source: HMRC

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