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Budget 2014: Tax Tables PDF Print E-mail
Wednesday, 19 March 2014 00:00

 


These tables summarise the budget announcements made by the Chancellor on 19 March 2014.

Income tax, capital gains tax, and inheritance tax

Per Year 2014-15 2013-14
Income tax personal and age-related allowances
Personal allowance (age under 65) £9,440 £8,105
Personal allowance (age 65-74) £10,500 £10,500
Personal allowance (age 75 and over) £10,660 £10,660
Married couple's allowance* (age 75 and over) £8,165 £7,915
Married couple's allowance* - minimum amount £3,140 £3,040
Income limit for age-related allowances £27,000 £26,100
Income limit for under 65 personal allowance £100,000 £100,000
Blind person’s allowance £2,230 £2,160
Capital gains tax annual exempt amount
Individuals etc. £11,100 £11,000
Most trustees £5,550 £5,450
Individual inheritance tax allowance £325,000 £325,000
Pension schemes allowances
Annual Allowance £40,000 £50,000
Lifetime Allowance £1,250,000 £1,500,000

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

Income tax: Taxable bands

2014-15 2013-14
Savings starting rate*: 10% 0 - £2,880 0 - £2,790
Basic rate: 20% 0 - £31,865 0 - £32,010
Higher rate: 40% £31,866 - £150,000 £32,011 - £150,000
Additional rate : 45% Over £150,000 Over £150,000

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

Capital gains tax rates

2014-15 2013-14
Standard rate of CGT 18% 18%
Higher rate (for higher rate income tax payers)
28% 28%
Rate for Entrepreneurs 10% 10%


Corporation tax on profits

£ Per Year (unless otherwise stated) 2014-15 2013-14
£0-£300,000 20% 20%
£300,001 - £1,500,000 Marginal rate Marginal rate
£1,500,001 or more 21% 23%*

* This represents an additional 1% reduction announced in 2011 Budget with subsequent annual 1% reductions leading to a rate of 20% by 2015-16.

National insurance contributions

Per Week (unless otherwise stated) 2014-15 2013-14
Lower earnings limit, primary Class 1 £111 £109
Upper earnings limit, primary Class 1 £805 £797
Upper Accruals point £770 £770
Primary threshold £153 £149
Secondary threshold £153 £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 £2.75 £2.70
Class 2 small earnings exception (per year) £5,885 £5,725
Special Class 2 rate for share fishermen £3.40 £3.35
Special Class 2 rate for volunteer development workers £5.55 £5.45
Class 3 rate (per week) £13.90 £13.55
Class 4 lower profits limit (per year) £7,956 £7,755
Class 4 upper profits limit (per year) £41,865 £41,465
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 otherwise stated) 2014-15 2013-14
Working Tax Credit
Basic element £1,920 £1,920
Couple and lone parent element £1,990 £1,970
30 hour element £800 £790
Disabled worker element £2,935 £2,855
Severe disability element £1,255 £1,220
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 70% 70%
Child Tax Credit
Family element £545 £545
Child element £2,750 £2,750
Disabled child element £3,100 £3,100
Severely disabled child element £1,255 £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 £16,010 £15,910
Income rise disregard £5,000 £5,000
Income fall disregard £2,500 £2,500


Individual Savings Account (ISA)

Annual ISA subscription limit 2014-15 2013-14
Overall limit £11,880 £11,520
- of which cash £5,940 £5,760
- of which stocks & shares £11,880 £11,520
Junior ISA subscription limit
£3,840 £3,720


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 - £1m
5% n/a £1,000,000 - £2m
7% n/a Over £2m

 

 
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