 |
Principal Personal Tax Rates and Allowances 2006/2007
Income Tax Rates - Taxable Income |
Income Tax Allowances |
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Band |
Rate % |
Personal allowance - under 65 |
£ 5,035 | |
0 - 2150 |
10 |
65 - 74 * |
£ 7,280 | |
2151 - 33300 |
22* |
75 & over * |
£ 7,420 | |
Over 33300 |
40** |
*Age allowance income limit |
£20,100 | |
* Except dividends 10% and savings income 20% |
(Allowance reduces by £1 for every £2 over the limit) |
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** Except dividends 32.5% |
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Inheritance Tax Threshold |
£285,000 |
Individual Savings Account |
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IHT limit will rise to £325,000 over 4 years |
Mini - stocks, shares |
£4,000 | ||
Capital Gains Tax Annual Exemption |
£8,800 |
Mini - cash |
£3,000 | |
Maxi |
£7,000 | |||
National Insurance |
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Class 1 - employed, contracted in - Employee contributions |
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Weekly earnings |
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Up to £97 |
Nil |
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£97.01 - £645 |
11% |
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over £645 |
1% on earnings over £645 |
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Class 2 - self employed |
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flat rate per week £2.10 small earnings exemption p.a. £4,465 |
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Class 3 - voluntary |
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flat rate per week £7.55 |
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Class 4 - self employed |
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8% on profits between £5,035 and £33,540 plus 1% on profits over £33,540. |
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The above information is correct to the best of our knowledge but is provided as a guide only.
