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 |
National Insurance
Table D
Rates and limits for 2007/08 |
| |
| Class 1 |
Weekly |
Monthly |
Yearly |
| Primary Threshold - employees |
£100 |
£435 |
£5,225 |
| Upper Earnings Limit - employees |
£670 |
£2,903 |
£34,840 |
| Secondary Threshold - employers |
£100 |
£435 |
£5,225 |
|
| |
| Employer's Contribution |
Contracted In |
Contracted Out |
| |
|
Salary Related Scheme |
Money Purchase Scheme |
| On earnings up to threshold |
Nil |
Nil |
Nil |
| On earnings between threshold and upper earnings limit |
12.8% |
9.1% |
11.4% |
| On earnings above upper earnings limit |
12.8% |
12.8% |
12.8% |
|
| |
| Employee's Contribution |
Contracted in: 11% on earnings between lower and upper limits, 1% above upper limit.
Contracted Out: 9.4% on earnings between lower and upper limits, 1% above upper limit.
Earnings over £87 per week qualify for benefit, and must be reported under PAYE, but no NICs are payable until earnings exceed £100 per week.
The reduced Class 1 rate payable by certain married women and widows is 4.85% for earnings between £100 and £670 per week, 1% above £670 per week. |
| |
| Class 2 (Self-employed) |
Earnings over £4,635 per year |
£2.20 per week |
| Class 3 (Voluntary) |
No limit applicable |
£7.80 per week |
| Class 4 (Self-employed) |
Profits between £5,225 and £34,840 |
8% |
| |
Profits above £34,840 |
1% |
|
|
