Budget 2007
Introduction
Personal Income Tax
National Insurance Contributions
Employees
Savings & Investments
Trusts
Capital Gains Tax
Stamp Duty Land Tax
Inheritance Tax
Corporation Tax
Business Tax
Value Added Tax
Other Measures
Tax Tables
National Insurance |
Tax Tables
Table A
Allowances and Reliefs |
| |
2007/08 |
2006/07 |
| |
| Allowed at top rate of tax |
|
|
| Personal Allowance |
£5,225 |
£5,035 |
| Personal Allowance (65-74)* |
7,550 |
7,280 |
| Personal Allowance (75 and over)* |
7,690 |
7,420 |
| Blind Person's Allowance |
1,730 |
1,660 |
| |
| Allowed only at 10% |
|
|
| Married Couple's Allowance (65-74)+* |
6,285 |
6,065 |
| Married Couple's Allowance (75 and over)+* |
6,365 |
6,135 |
| Income Limit for age-related allowances |
20,900 |
20,100 |
| |
+ only available if born before 6th April 1935.
|
* Age allowances are reduced £1 for every £2 by which income exceeds the income limit, until the age allowance is reduced to the normal allowance. Personal allowance is reduced before married couple's allowance. MCA is reduced to a minimum of £2,440 (2006/07: £2,350).
|
| |
| Bands |
2007/08 |
2006/07 |
| Lower |
£2,230 |
£2,150 |
| Basic |
next 32,370 |
next 31,150 |
| Higher |
over 34,600 |
over 33,300 |
| |
| Rates differ for Dividend, Interest and Other income within each band: |
| |
| Rates |
2007/08 and 2006/07 |
|
|
| D |
I |
O |
| 10% |
10% |
10% |
| 10% |
20% |
22% |
| 32.5% |
40% |
40% |
|
| |
Table B
Pension Contributions |
| |
| The maximum annual tax efficient gross contributions (up to age 75) in 2007/08 are: |
| - individuals: |
|
£3,600 or 100% of earnings to £225k |
| - employers: |
|
£225k less employee contributions |
|
| Maximum tax efficient fund (lifetime allowance) where benefits are taken in 2007/08: £1.6m |
| Only current earnings count for the 100% limit in 2007/08. It is no longer possible to use prior earnings or to carry back contributions to earlier years. |
| |
Table C
Benefits In Kind |
Car Benefit Assessment 2007/08
Charge based on a percentage of the initial list price of the car; the percentage depends on the carbon dioxide emission ratings of the car, if it has one. For older cars without a rating, the percentage depends on engine capacity.
For 2007/08 the percentage for a petrol engine remains 15% for ratings up to 140g/km. The percentage increases by 1% for every complete 5g/km in excess of this (ie at 145, 150 etc), to a maximum of 35%. Diesel cars have 3% added to this figure, but still have a maximum percentage of 35%. |
| |
Car Fuel Assessment
The benefit is calculated using the same percentage as that used for the car benefit, applied to a standard figure of £14,400.
The taxable amount is therefore between £2,160 (15% - min.) and £5,040 (35% - max.). |
|
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