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Budget 2010: Tax tables PDF Print E-mail
Wednesday, 24 March 2010 00:00

These tables reflect announcements made on 24 March 2010.

Income tax, capital gains tax, and inheritance tax

Per Year 2009-10 2010-11
Income tax personal and age-related allowances
Personal allowance (age under 65)  £6,475 £6,475 
Personal allowance (age 65-74)  £9,490 £9,490
Personal allowance (age 75 and over)  £9,640 £9,640
Married couple's allowance* (age 75 and over)  £6,965 £6,965
Married couple's allowance* - minimum amount  £2,670 £2,670
Income limit for age-related allowances  £22,900  £22,900
Blind person’s allowance  £1,890 £1,890
Capital gains tax annual exempt amount
Individuals etc.  £10,100  £10,100
Most trustees  £5,050  £5,050
Individual inheritance tax allowance  £325,000 £325,000 
Pension schemes allowances
Annual Allowance  £245,000  £255,000
Lifetime Allowance  £1,750,000  £1,800,000

* Married couple's allowance is given at the rate of 10%.

Income tax: Taxable bands

  2009-10 2010-11
Savings starting rate*: 10%  0 - £2,440  0 - £2,440
Basic rate: 20%  0 - £37,400  0 - £37,400
Higher rate: 40%  Over £37,400  £37,401 - £150,000
Additional rate : 50% N/A Over £150,000 

* only available if non savings income is less than this amount
 
Capital gains tax rates


  2009-10 2010-11
Full rate of CGT 18% 18%
Entrepreneurs' Relief fraction  4/9 4/9
Net rate for Entrepreneurs 10% 10%


Corporation tax on profits

£ Per Year (unless otherwise stated) 2009-10 2010-11
£0-£300,000  21%  21%
£300,001 - £1,500,000 Marginal rate  Marginal rate 
£1,500,001 or more  28%  28%

The increase in the small company rate to 22% has been deferred until April 2011.

National insurance contributions

Per Week (unless otherwise stated) 2009-10 2010-11
Lower earnings limit, primary Class 1  £95 £97 
Upper earnings limit, primary Class 1  £844  £844
Upper Accruals point  £770  £770
Primary threshold  £110  £110
Secondary threshold  £110  £110
Employees’ primary Class 1 rate between primary threshold and upper earnings limit  11%  11%
Employees’ primary Class 1 rate above upper earnings limit  1%  1%
Employees’ contracted-out rebate - salary-related schemes  1.6%  1.6%
Employees’ contracted-out rebate - money-purchase schemes  1.6%  1.6%
Married women’s reduced rate between primary threshold and upper earnings limit  4.85%  4.85%
Married women’s rate above upper earnings limit  1%  1%
Employers’ secondary Class 1 rate above secondary threshold  12.8%  12.8%
Employers’ contracted-out rebate, salary-related schemes  3.7%  3.7%
Employers’ contracted-out rebate, money-purchase schemes  1.4%  1.4%
Class 2 rate  £2.40  £2.40
Class 2 small earnings exception (per year)  £5,075  £5,075
Special Class 2 rate for share fishermen  £3.05  £3.05
Special Class 2 rate for volunteer development workers  £4.75  £4.85
Class 3 rate (per week)  £12.05  £12.05
Class 4 lower profits limit (per year)  £5,715 £5,715 
Class 4 upper profits limit (per year)  £43,875 £43,875 
Class 4 rate between lower profits limit and upper profits limit  8%  8%
Class 4 rate above upper profits limit  1%  1%

From April 2011 the proposed increase of 0.5% on both employee and employer National Insurance contributions has been increased to 1%. The threshold will rise correspondingly to eliminate the effect of the increase for those earning £20,000 or less per annum.

Working and child tax credits rates

£ Per Year (unless otherwise stated) 2009-10 2010-11
Working Tax Credit
Basic element  £1,890 £1,920 
Couple and lone parent element  £1,860  £1,890
30 hour element  £775  £790
Disabled worker element  £2,530  £2,570
Severe disability element  £1,075  £1,095
50+ Return to work payment (16-29 hours)  £1,300  £1,320
50+ Return to work payment (30+ hours)  £1,935  £1,965
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  80% 80% 
Child Tax Credit
Family element  £545 £545
Family element, baby addition  £545 £545 
Child element  £2,235 £2,300 
Disabled child element  £2,670 £2,715 
Severely disabled child element  £1,075  £1,095
Income thresholds and withdrawal rates
First income threshold  £6,420 £6,420 
First withdrawal rate  39%  39%
Second income threshold  £50,000  £50,000
Second withdrawal rate  6.67%  6.67%
First threshold for those entitled to Child Tax Credit only  £16,040  £16,190
Income disregard  £25,000  £25,000

Child benefit and guardian’s allowance rates 2010

£ Per Week 2009-10 2010-11
Eldest/Only Child (Jan 2009)  £20.00 £20.30 
Other Children (Jan 2009)  £13.20 £13.40 
Guardian’s Allowance (April 2009)  £14.10 £14.30 

 
Stamp taxes and duties
Transfers of land and buildings (consideration paid)
From 1 January 2010

Rate Residential in disadvantaged areas & Non residential Residential outside disadvantaged areas
  Total value of consideration
Zero  £0 - £150,000  £0 - £125,000
1%

 Over £150,000 - £250,000

 Over £125,000 - £250,000*
3% Over £250,000 - £500,000 Over £250,000 - £500,000 
4%  Over £500,000 Over £500,000 

* First time buyers can claim relief from SDLT on residential transactions up to £250,000 between 25 March 2010 and 25 March 2012

Bingo Duty
Bingo Duty reduces from 22% to 20% with effect from 29 March 2010.

Landline Duty

A duty of 50p per month will be imposed on telephone landlines with effect from 1 October 2010. 

Fuel Duty 

The next increase in fuel duty will be implemented in three stages: 1 pence per litre on 1 April 2010, 1 pence per litre on 1 October 2010, and 0.76 pence per litre on 1 January 2011.

 
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