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Tax allowances for 2011/2012

Tax allowances for 2011/2012

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