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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 amountCapital 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
 
 VAT rates for goods and services
Rate
% of VAT
What the rate applies to
Standard
20%
Most goods and services
Reduced rate
5%
Some goods and services, eg children’s car seats and home energy
Zero rate
0%
Zero-rated goods and services, eg most food and children’s clothes
 The standard rate of VAT increased from 17.5 per cent to 20 per cent on 4 January 2011.Some things are exempt from VAT (eg postage stamps, financial and property transactions).HM Revenue & Customs lists the rates of VAT on different goods and services.
VAT thresholds

Circumstance

Threshold
VAT registration
£77,000 or more
Registration for distance selling into the UK
£70,000 or more
Registration for bringing goods into the UKfrom the EU (known as ‘acquisitions’)
£77,000 or more
Completing simplified EC Sales List
£72,500 or less and supplies to EU countries £11,000 or less

 VAT accounting scheme thresholds

VAT accounting scheme
Threshold to join scheme
Threshold to leave scheme
Flat Rate Scheme
£150,000 or less
More than £230,000
Cash Accounting Scheme 
£1.35 million or less
More than £1.6 million
Annual Accounting Scheme 
£1.35 million or less
More than £1.6 million