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Tax tables 2013-14

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2nd Jan 2013
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These tables reflect announcements made in December 2012. For more detail on these rates, see Tables confirming tax and tax credit rates and thresholds for 2013-14 (57kb PDF). Some rates and figures may not be confirmed until the 2013 Budget.

Income tax, capital gains tax, and inheritance tax

Income tax personal and age-related allowances

Per year

2012-13

2013-14

Personal allowance (age under 65)

   £8,105

  £9,440

Personal allowance (age 65-75)

 £10,500

  £10,500

Personal allowance (age 75 and over)

 £10,660

£10,660

Married couple's allowance (age 77 and over)

 £7,705

  £7,915

Married couple's allowance - minimum amount

 £2,960

  £3,040

Income limit for age-related allowances
(2013-14 figure applies to those aged 65 and over)

 £25,400

 £26,100

Income limit for under 65 personal allowance

£100,000

£100,000

Blind person’s allowance

 £2,100

£2,160

Capital gains tax annual exempt amount

Individuals etc.

 £10,600

 £11,000*

Most trustees

 £5,300

 £5,500*

Individual inheritance tax allowance

 £325,000

£325,000 

Pension schemes allowances

Annual Allowance

£50,000

 £50,000

Lifetime Allowance

 £1,500,000

£1,500,000

* Estimate - Awaiting confirmation that annual exempt amount will increase in line with CPI (then 1% in 2014-15)

Income tax: Taxable bands

 

2012-13

2013-14

Savings starting rate*: 10%

 0-£2,710

 0-£2,790

Basic rate: 20%

 0-£34,370

 0 - £32,010

Higher rate: 40%

£34,371 - £150,000

 £32,011 - £150,000

Additional rate:
(reduced 5% in 2013-14)

Over £150,000 (50%)

Over £150,000 (45%)

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

Capital gains tax rates

 

2012-13

2013-14

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)

2012-13

2013-14

£0-£300,000

 20%

 20%

£300,001 - £1,500,000

Marginal rate 

Marginal rate 

£1,500,001 or more

 24%

 23%*

* Annual 1% reductions announced in 2011 Budget were accelerated with another 1% to reach a rate of 21% by 2014-15. Source: HMRC Corporation Tax rates

National insurance contributions

per week (unless stated)

2012-13

2013-14

Lower earnings limit, primary Class 1

 £107

£109

Upper earnings limit, primary Class 1

 £817

 £817

Upper Accruals point

 £770

 £770

Primary threshold

 £146

 £149

Secondary threshold

 £144

 £148

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

 1.4%

 1.4%

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

 £2.65

 £2.70

Class 2 small earnings exception (per year)

 £5,595

 £5,725

Special Class 2 rate for share fishermen

 £3.30

 £3.35

Special Class 2 rate for volunteer development workers

 £5.35

 £5.45

Class 3 rate (per week)

 £13.25

 £13.55

Class 4 lower profits limit (per year)

 £7,605

£7,755 

Class 4 upper profits limit (per year)

 £42,475

£41,450

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)

2012-13

2013-14

Working Tax Credit

Basic element

 £1,920

£1,920

Couple and lone parent element

 £1,950

£1,970

30 hour element

 £790

£790

Disabled worker element

 £2,790

£2,855

Severe disability element

 £1,190

£1,220

Childcare element of the Working Tax Credit

Maximum eligible cost for one child

 £175pw

£175pw 

Maximum eligible cost for two or more children

 £300pw

£300pw 

Percentage of eligible costs covered

 70%

70% 

Child Tax Credit

Family element

 £545

£545

Child element

 £2,690

£2,720

Disabled child element

 £2,950

£3,015

Severely disabled child element

 £1,190

1,220

Income thresholds and withdrawal rates

First income threshold

 £6,420

£6,420 

First withdrawal rate

 41%

 41%

First threshold for those entitled to Child Tax Credit only

 £15,860

 £15,910

Income rise disregard

 £10,000

 £5,000

Income fall disregard £2,500 £2,500

Source: Tables confirming tax and tax credit rates and thresholds for 2013-14

Individual Savings Account (ISA)

Annual ISA subscription limit

2012-13

2013-14

Overall limit

 £11,280

£11,520 

  of which cash

 £5,640

£5,760

  of which stocks & shares

 £11,280

£11,520

Junior ISA subscription limit £3,600 £3,720

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%

 £150,001-£250,000

 £125,001-£250,000

3%

£250,001-£500,000

£250,001-£500,000 

4%

 £500,001-£1m

£500,001-£1m

5%

£1,000,001-£2m

£1,000,001-£2m

7% Over £2m (from 22 March 2012) Over £2m

Replies (12)

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avatar
By nogammonsinanundoubledgame
03rd Jan 2013 08:16

Main rate of CT from April 2013.

You have given as 24%

Per here it is 23%:

http://www.hmrc.gov.uk/rates/corp.htm

With kind regards

Clint Westwood

Thanks (1)
John Stokdyk, AccountingWEB head of insight
By John Stokdyk
03rd Jan 2013 08:47

My mistake - now corrected

Thanks for alerting us - these tables are always a challenge and it helps if members point out errors so we can get them right.

I'll do a comprehensive second proof-read now to make sure nothing else has slipped through.

Thanks (0)
Replying to Rebecca Cave:
avatar
By steve01257
03rd Jan 2013 10:41

Pension limit changes

John,

I am sure that the reductions in the annual allowance to £40,000 and the lifetime allowance to £1,250,000 are only from 6 April 2014 not from April this year as stated.

Regards

Steve

 

Thanks (1)
John Stokdyk, AccountingWEB head of insight
By John Stokdyk
03rd Jan 2013 14:24

@steve01257 - well spotted

That mistake has also been corrected in the table above.

Thanks (0)
avatar
By julieclare
07th Jan 2013 12:37

NIC lower earnings limit 2012-13

This should be £107 not £102. £102 was the limit for 2011/12.

Thanks (1)
John Stokdyk, AccountingWEB head of insight
By John Stokdyk
07th Jan 2013 13:14

Didn't mean for the tables to be quite so interactive

Apologies again for allowing the errors to slip throug and thanks @Ardeninian and @julieclare for bringing them to our attention. They have been corrected in the text.

Our in-house proof-reading has been inadequate in this instance, but having been gone over so many times by attentive AccountingWEB members, I think the tables should now be relatively trust-worthy.

Thanks (0)
Replying to mcplums:
avatar
By Duncan Cameron
03rd Sep 2013 15:24

Stamp duty rates

I'm not casting doubt on the claim you make in your final para but the SDLT rates you give are at odds with those quoted by others eg UK.GOV  (https://www.gov.uk/stamp-duty-land-tax-rates).

Thanks (0)
avatar
By KeZico
07th Jan 2013 15:54

PA 2013-14

Isn't the personal allowance £9205 for those aged under 65 for 2013-14 ?? (as opposed to £9440 you have)

Thanks (0)
avatar
By Andrew288
21st Mar 2013 09:01

VAT Reg Threshold
Sorry if I missed it from somewhere obvious but what are the new VAT thresholds? Small overall point but these seem to be the hardest figures to find.

Thanks (0)
avatar
By Andrew288
21st Mar 2013 10:05

Found it.

Found VAT threshold under other heading but did ring HMRC first after noting their website was not updated.  Waiting 20 seconds (after the usual 3 minutes 45) for the figures £79K and £77K to be looked up.

Thanks (0)