Budget 2012 : 2012-13 Tax Tables
- Income tax, capital gains tax and inheritance tax
- Income tax: Taxable bands
- Corporation tax on profits
- National insurance contributions
- Working and child tax credits rates
- Individual Savings Account (ISA)
- Stamp taxes and duties
Income tax, capital gains tax and inheritance tax
| £ per year (unless stated) | 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) | £9,940 | £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.
| 2011-12 | 2012-13 | |
| Savings starting rate*: 10% | £0-£2,560 | £0-£2,710 |
| Basic rate: 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.
| 2011-12 | 2012-13 | |
| Standard rate of CGT | 18% | 18% |
| Higher rate (from 23/6/10) | 28% | 28% |
| Rate for Entrepreneurs (from 23/6/10) | 10% | 10% |
| £ 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 reduction announced in 2011 Budget will continue at 1% to reach a rate of
22% by 2014-15.
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 per week | £175 per week | |
| Maximum eligible cost for two or more children | £300 per week | £300 per week | |
| 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 | |
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 and shares | £10,680 | £11,280 |
| Junior ISA subscription limit | £3,600 | £3,600 |
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.
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