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Income Tax Rates

Income Tax - taxable bands

2012/13(£)

2011/12(£)

Starting rate: 10%:

-

-

Basic rate: 20%:

£0 -34,370

£0 -35,000

Higher rate: 40%

£34,371 -150,000

£35,001 -150,000

Additional Rate: 50%

£150,000 +

£150,000 +

 

 

 

*for 20012/13 applicable on savings income only where it is below £2,710., and for 2011/12 below £2,560.

 

 

 

Dividends

 

 

Basic rate taxpayers

10%

10%

Higher rate taxpayers

32.5%

32.5%

Additional rate taxpayers

42.5%

42.5%

 

 

 

Pre-owned assets tax (£5,000 taxable threshold)

As income

As income

 

  

 

Discretionary and Relevant Property Trusts*

  

 

Standard rate band

1,000

1,000

Dividends (rate applicable to trusts - RAT)

42.5%

42.5%

Other income (rate applicable to trusts - RAT)

50%

50%

 

  

 

*from 6/4/2008 A&M trusts can only be created by a parent's will, all other trusts will fall under the RPT regime.

 

 

 

Interest In Possession Trusts

 

 

UK Dividends

10%

10%

Savings, rent and trading

20%

20%

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