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Tax tables and allowances 2007 / 2008
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(Source: Inland Revenue)
Tax Rates and Allowances
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2007-08 (£) |
2008-09 (£) |
Increase (£)
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Income tax allowances
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Personal allowance
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5,225 |
5,435 |
210 |
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| Capital gains tax annual exempt
amount: |
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| Individuals etc: |
9,200 |
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| Other trustees: |
4,600 |
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| Inheritance tax threshold |
300,000 |
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| Pension schemes earnings cap |
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Taxable Bands
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Taxable bands 2007-08 (£)
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Taxable bands 2008-09 (£)
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Starting rate 10%
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0 - 2,230 |
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Basic rate 22%
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2,231 - 34,600 |
Basic rate 20%
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£0-£36,000 |
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Higher rate 40%
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Over 34,600 |
Higher rate 40% |
over 36,000 |
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Corporation Tax Rates
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Corporation tax profits 2007-08 (£)
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Corporation tax profits 2008-09
(£) |
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Small companies' rate 20%
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0 - 300,000 |
Small companies' rate 20%
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0 - |
| Marginal relief |
300,001 -
1,500,000 |
Marginal relief |
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| Main rate 30% |
1,500,001
or more |
Main rate 30% |
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National Insurance Rates
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2007-08 |
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2008-09 |
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Primary threshold
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£100 per week |
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£105 per week |
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Secondary threshold
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£100 per week |
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£105 per week |
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Employees’ primary class 1 rate on earnings between primary
threshold and upper earnings limit
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11%
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11% |
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Employers’ secondary Class 1 rate
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12.8%
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12.8% |
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Class 4 rate
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8% of £5,225 to £34,840 per year
1% above £34,840 per year |
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8% of £5,435 to £40,040 per year
1% above £40,040 per year |
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Class 4 lower profits limit
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£5,225 per year |
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£5,435 per year |
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Class 4 upper profits limit
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£34,840 per year |
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£40,040 per year |
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- For a complete list of rates and allowances for 2008-9, visit the Inland Revenue site.
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