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Budget 2011: Tax Tables PDF Print E-mail
Wednesday, 23 March 2011 00:00


These tables summarise the budget announcements made by the Chancellor on 23 March 2011.

Income tax, capital gains tax, and inheritance tax

Per Year 2010-11 2011-12
Income tax personal and age-related allowances
Personal allowance (age under 65) £6,475 £7,475
Personal allowance (age 65-74) £9,490 £9,990
Personal allowance (age 75 and over) £9,640 £10,090
Married couple's allowance* (age 75 and over) £6,965 £7,295
Married couple's allowance* - minimum amount £2,670 £2,800
Income limit for age-related allowances £22,900 £24,000
Income limit for under 65 personal allowance £100,000 £100,000
Blind person’s allowance £1,890 £1,890
Capital gains tax annual exempt amount
Individuals etc. £10,100 £10,600
Most trustees £5,050 £5,300
Individual inheritance tax allowance £325,000 £325,000
Pension schemes allowances
Annual Allowance £255,000 £50,000
Lifetime Allowance £1,800,000 £1,800,000

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

Income tax: Taxable bands

2010-11 2011-12
Savings starting rate*: 10% 0 - £2,440 0 - £2,560
Basic rate: 20% 0 - £37,400 0 - £35,000
Higher rate: 40% £37,401 - £150,000 £35,001 - £150,000
Additional rate : 50% Over £150,000 Over £150,000

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

Capital gains tax rates

2010-11 2011-12
Standard rate of CGT 18% 18%
Higher rate (from 23/6/10) 28% 28%
Entrepreneurs' Relief fraction (to 22/6/10) 4/9 n/a
Rate for Entrepreneurs (from 23/6/10) 10% 10%


Corporation tax on profits

£ Per Year (unless otherwise stated) 2010-11 2011-12
£0-£300,000 21% 20%
£300,001 - £1,500,000 Marginal rate Marginal rate
£1,500,001 or more 28% 26%*

* This represents an additional 1% reduction announced in 2011 Budget with subsequent annual 1% reductions leading to a rate of 23% by 2014-15.

National insurance contributions

Per Week (unless otherwise stated) 2010-11 2011-12
Lower earnings limit, primary Class 1 £97 £102
Upper earnings limit, primary Class 1 £844 £817
Upper Accruals point £770 £770
Primary threshold £110 £139
Secondary threshold £110 £136
Employees’ primary Class 1 rate between primary threshold and upper earnings limit 11% 12%
Employees’ primary Class 1 rate above upper earnings limit 1% 2%
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% 5.85%
Married women’s rate above upper earnings limit 1% 2%
Employers’ secondary Class 1 rate above secondary threshold 12.8% 13.8%
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 £2.50
Class 2 small earnings exception (per year) £5,075 £5,315
Special Class 2 rate for share fishermen £3.05 £3.15
Special Class 2 rate for volunteer development workers £4.75 £5.10
Class 3 rate (per week) £12.05 £12.60
Class 4 lower profits limit (per year) £5,715 £7,225
Class 4 upper profits limit (per year) £43,875 £42,475
Class 4 rate between lower profits limit and upper profits limit 8% 9%
Class 4 rate above upper profits limit 1% 2%


Working and child tax credits rates

£ Per Year (unless otherwise stated) 2010-11 2011-12
Working Tax Credit
Basic element £1,920 £1,920
Couple and lone parent element £1,890 £1,950
30 hour element £790 £790
Disabled worker element £2,570 £2,650
Severe disability element £1,095 £1,130
50+ Return to work payment (16-29 hours) £1,320 £1,365
50+ Return to work payment (30+ hours) £1,965 £2,030
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% 70%
Child Tax Credit
Family element £545 £545
Family element, baby addition £545 n/a
Child element £2,300 £2,555
Disabled child element £2,715 £2,800
Severely disabled child element £1,095 £1,130
Income thresholds and withdrawal rates
First income threshold £6,420 £6,420
First withdrawal rate 39% 41%
Second income threshold £50,000 £40,000
Second withdrawal rate 6.67% 41%
First threshold for those entitled to Child Tax Credit only £16,190 £15,860
Income disregard £25,000 £10,000

* The baby element of the Child Tax Credit will be removed from April 2011.

Individual Savings Account (ISA)

Annual ISA subscription limit 2010-11 2011-12
Overall limit £10,200 £10,680
- of which cash £5,100 £5,340
- of which stocks & shares £10,200 £10,680


Stamp taxes and duties

Transfers of land and buildings (consideration paid)

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

Over £150,001 - £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 announced that:

  • the planned 1-pence-per litre Fuel Duty escalator will be abolished;
  • and there will be an additional 1 pence cut in the rate of fuel duty from 6pm on 23 March.

The 2012-13 RPI increase will be deferred from April 2012 to August 2012.

 
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