Tax tables 2012-13 | AccountingWEB
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Tax tables 2012-13

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)

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.

Comments

Annual exempt amount for CGT    1 thanks

tim hervey | | Permalink

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

45% Tax rate    1 thanks

Judruff | | Permalink

 

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

 

John Stokdyk's picture

Very interesting - thanks

John Stokdyk | | Permalink

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.

In the main legislation    1 thanks

tonycourt | | Permalink

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