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AIA

Tax tables 2012-13

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20th Mar 2012
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These tables reflect announcements made between December 2011 and March 2012.

For more detail on these rates, see Tables confirming tax and tax credit rates and thresholds for 2012-13 (57kb PDF)

Please note that the information here is derived from published government sources and may not be immune from errors. 

For definitive guidance please consult the relevant pages on Gov.uk and alert AccountingWEB of any inaccuracies that you detect.

Tax tables

Income tax, capital gains tax, and inheritance tax

Per year

2011-12

2012-13

Income tax personal and age-related allowances

Personal allowance (age under 65)

   £7,475

  £8,105

 

Personal allowance (age 65-74)

 £9,490

  £10,500

 

Personal allowance (age 75 and over)

 £10,090

£10,660

 

Married couple's allowance* (age 75 and over)

 £7,295

  £7,705

 

Married couple's allowance* - minimum amount

 £2,800

  £2,960

 

Income limit for age-related allowances

 £24,000

 £25,400

 

Income limit for under 65 personal allowance

£100,000

£100,000

 

Blind person’s allowance

 £1,980

£2,100

 

Capital gains tax annual exempt amount

Individuals etc.

 £10,600

 £11,200

 

Most trustees

 £5,300

 £5,300±

 

Individual inheritance tax allowance

 £325,000

£325,000 

 

Pension schemes allowances

Annual Allowance

£50,000

 £50,000

 

Lifetime Allowance

 £1,800,000

£1,500,000

 

* Married couple's allowance is given at the rate of 10%.
±This figure has not been confirmed by Statutory Instrument - see comments below.

Income tax: Taxable bands

 

2011-12

2012-13

Savings starting rate*: 10%

 0-£2,560

 0-£2,710

Basic rate1: 20%

 0-£35,000

 0 - £34,370

Higher rate: 40%

£35,001 - £150,000

 £34,371 - £150,000

Additional rate: 50%
(45% from 2012/13)

Over £150,000

Over £150,000 

* Only available if non savings income is less than this amount

Capital gains tax rates

 

2011-12

2012-13

Standard rate of CGT

18%

18%

Higher rate (for higher rate income tax payers)

28%

28%

Rate for Entrepreneurs 

10%

10%

Source: HMRC Capital Gains Tax rates

Corporation tax on profits

£ per year (unless stated)

2011-12

2012-13

£0-£300,000

 20%

 20%

£300,001 - £1,500,000

Marginal rate 

Marginal rate 

£1,500,001 or more

 26%

 24%*

* Annual reductions announced in 2011 Budget will continue at 1% to reach a rate of 22% by 2014-15. Source: HMRC Corporation Tax rates

National insurance contributions

per week (unless stated)

2011-12

2012-13

Lower earnings limit, primary Class 1

 £102

£107

Upper earnings limit, primary Class 1

 £817

 £817

Upper Accruals point

 £770

 £770

     

Primary threshold

 £139

 £146

Secondary threshold

 £136

 £144

Employees’ primary Class 1 rate between primary threshold and upper earnings limit

 12%

 12%

Employees’ primary Class 1 rate above upper earnings limit

 2%

 2%

Employees’ contracted-out rebate - salary-related schemes

 1.6%

 1.4%

Employees’ contracted-out rebate - money-purchase schemes

 1.6%

Abolished

Married women’s reduced rate between primary threshold and upper earnings limit

 5.85%

 5.85%

Married women’s rate above upper earnings limit

 2%

 2%

Employers’ secondary Class 1 rate above secondary threshold

 13.8%

 13.8%

Class 2 rate

 £2.60

 £2.65

Class 2 small earnings exception (per year)

 £5,315

 £5,595

Special Class 2 rate for share fishermen

 £3.15

 £3.30

Special Class 2 rate for volunteer development workers

 £5.10

 £5.35

Class 3 rate (per week)

 £12.60

 £13.25

Class 4 lower profits limit (per year)

 £7,225

£7,605 

Class 4 upper profits limit (per year)

 £42,475

£42,475 

Class 4 rate between lower profits limit and upper profits limit

 9%

 9%

Class 4 rate above upper profits limit

 2%

 2%

Working and child tax credits rates

£ per year (unless stated)

2011-12

2012-13

Working Tax Credit

Basic element

 £1,920

£1,920

 

Couple and lone parent element

 £1,950

£1,950

 

30 hour element

 £790

£790

 

Disabled worker element

 £2,650

£2,790

 

Severe disability element

 £1,130

£1,190

 

50+ Return to work payment (16-29 hours)

 £1,365

Removed

 

50+ Return to work payment (30+ hours)

 £2,030

Removed

 

Childcare element of the Working Tax Credit

Maximum eligible cost for one child

 £175 pw

£175 pw 

 

Maximum eligible cost for two or more children

 £300 pw

£300 pw 

 

Percentage of eligible costs covered

 70%

70% 

 

Child Tax Credit

Family element

 £545

£545

 

Child element

 £2,555

£2,690

 

Disabled child element

 £2,800

£2,950

 

Severely disabled child element

 £1,130

1,190

 

Income thresholds and withdrawal rates

First income threshold

 £6,420

£6,420 

 

First withdrawal rate

 41%

 41%

 

Second income threshold

 £40,000

 Abolished

 

Second withdrawal rate

 41%

 N/A

 

First threshold for those entitled to Child Tax Credit only

 £15,860

 £15,860

 

Income rise disregard

 £10,000

 £10,000

 
Income fall disregard - £2,500

Source: Tables confirming tax and tax credit rates and thresholds for 2012-13

Individual Savings Account (ISA)

Annual ISA subscription limit

2011-12

2012-13

Overall limit

 £10,680

£11,280 

  of which cash

 £5,340

£5,640

  of which stocks & shares

 £10,680

£11,280

Junior ISA subscription limit £3,600 £3,600

Stamp taxes and duties

Transfers of land and buildings (consideration paid)

Rate

 Non residential

Residential

 

Total value of consideration

Zero

 £0 - £150,000

 £0 - £125,000

 

1%

 Over £150,001 - £250,000

 Over £125,001 - £250,000*

 

3%

Over £250,001 - £500,000

Over £250,001 - £500,000 

 

4%

 Over £500,000

Over £500,000 

 

5%

n/a

Over £1,000,000 (from April 2011)

 

* First time buyers can claim relief from SDLT on residential transactions up to £250,000 between 25 March 2010 and 25 March 2012

Fuel Duty 

Budget 2011 abolished the planned 1p per litre Fuel Duty escalator and announced the 2012-13 RPI increase will be deferred from April 2012 to August 2012.

Replies (4)

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avatar
By tim hervey
22nd Mar 2012 10:43

Annual exempt amount for CGT

SI 2012/881 was laid on 20 March, published yesterday. This confirms the AEA for 2012/13 is £11,200.

But the various tables published as part of the Budget material incorrectly show the AEA for 2012/13 as £10,600 - the same as for 2011/12

Thanks (1)
avatar
By Judruff
22nd Mar 2012 11:09

45% Tax rate

 

The cut applies to 2012/13, not 2013/14

 

Thanks (1)
John Stokdyk, AccountingWEB head of insight
By John Stokdyk
22nd Mar 2012 11:25

Very interesting - thanks

We may be getting a bit too detail-focused at this point (is that possible when it comes to tax rates), but SI 1012/881 makes no mention of the lower AEA "for most trustees".

In previous years, this has been 50% of the individual AEA, but in the absence of any legislative confirmation we have left it at the previously published £5,000.

Update: I've also adjusted the table to acknowledge the 45% rate applicable from next year.

Thanks (0)
Replying to rememberscarborough:
avatar
By tonycourt
31st Mar 2012 21:05

In the main legislation

At the risk of going off half cocked; isn't the answer in the main legislation at schedule 1 para 2. This says the AEA will be half that which applies for individuals. So once you set the rate for them you automatically set the rate for trustees

Thanks (1)