Tax Rates and Allowances 2007/08

Tax Rates and Allowances 2007 / 2008

(Source: Inland Revenue)

For a complete list of rates and allowances for 2006-7, and older tax tables, visit the Inland Revenue site.

  2006-07 (£) 2007-08 (£) Increase (£)
Income tax allowances      
Personal allowance 5,035 5,225 190
       
Capital gains tax annual exempt amount:      
Individuals etc: 8,800 9,200 400
Other trustees: 4,400 4,600 200
       
Inheritance tax threshold 285,000 300,000 15,000
       
Pension schemes earnings cap 105,600

Taxable Bands

Taxable bands 2006-07 (£) Taxable bands 2007-08 (£)
Starting rate 10% 0 - 2,150 Starting rate 10% 0-2,230
Basic rate 22% 2,151 - 33,300 Basic rate 22% 2,231 - 34,600
Higher rate 40% Over 33,300 Higher rate 40% Over 34,600

Corporation Tax Rates

Corporation tax profits 2006-07 (£) Corporation tax profits 2007-08 (£)
Small companies' rate 19% 50,001 - 300,000 Small companies' rate 19% 0 - 300,000
Marginal relief 300,001 - 1,500,000 Marginal relief
Main rate 30% 1,500,001 or more Main rate 30%

National Insurance Rates

  2006-07   2007-08
Primary threshold £97 per week   £100 per week
Secondary threshold £97 per week   £100 per week
Employees’ primary class 1 rate on earnings between primary threshold and upper earnings limit 11%
  11%
Employers’ secondary Class 1 rate
12.8%
  12.8%
Class 4 rate
8% of £5,035 to £33,540 per year
1% above £33,540 per year
  8% of £5,225 to £34,840 per year
1% above £34,840 per year
Class 4 lower profits limit
£5,035 per year   £5,225 per year
Class 4 upper profits limit
£33,540 per year   £34,840 per year

For a complete list of rates and allowances for 2007-8, visit the Inland Revenue site.




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