22nd Apr 2009
- Personal allowances and tax bands (including national insurance rates and bands) were, as expected, unchanged from those announced in November as part of the Pre Budget Report.
- The higher rate of income tax will now be 50% rather than the 45% previously announced. Dividends within this band of income will be taxed at 42.5%. This will apply to taxable income above 150,000 from April 2010 and not 2011 as announced in November 2008.
- From April 2010 the rate applicable to trusts will rise from 40% to 50%, with a dividend trust rate of 42.5%.
- From April 2010 individuals with adjusted net income of 100,000 will lose 1 of personal allowance for every 2 their income exceeds this limit. The adjusted net i...