Tax Cards – Berkley Heath

Income Tax

*Income Tax Rates*	2012-2013 %	2011-2012 %	2010-2011 %	2009-2010 %
Basic tax rate	20	20	20	20
Higher tax rate	40	40	40	40
Additional tax rate	50	50	50	–
Tax on dividends at Basic Rate	10	10	10	10
Tax on dividends at Higher Rate	32.50	32.50	32.50	32.50
Tax on dividends at Additional Rate	42.50	42.50	42.50	–
Basic rate band 20%	£0 – £34,370	£0 – £35,000	£0 – £37,400	£0 – £37,400
Higher rate band 40%	£34,371 to £150,000	£35,001 to £150,000	£37,401 to £150,000	above £37,400
Additional rate band 50%	Above £150,000	Above £150,000	Above £150,000	–

Personal Allowances

*Income Tax Rates*	2012-2013	2011-2012	2010-2011	2009-2010
Standard payroll tax code	810L	747L	647L	647L
Personal allowance (1)	£8,105	£7,475	£6,475	£6,475
– age 65 to 74 (1)(2)	£10,500	£9,940	£9,490	£9,490
– age 75 and over (1)(2)	£10,660	£10,090	£9,640	£9,640
Income limit for Personal Allowance	£100,0000	£100,0000	£100,0000	–
Married Couples Allowance – age 75 and over (2)(3)	£7,705	£7,295	£6,965	£6,965
The income limit for age-related allowances	£25,400	£24,000	£22,900	£22,900
Minimum amount of Married Couples Allowance	£2,960	£2,800	£2,670	£2,670
Blind person’s allowance	£2,100	£1,980	£1,890	£1,890
Note 1: From 5th April 2010 the Personal Allowance reduces where income is above £100,000 by £1 for every £2 of income above the £100,000 limit. This reduction applies to all people irrespective of age.
Note 2: These allowances reduce by £1 for every £2 of taxable income where the income is above income limit for age-related allowances. From the 2010-2011 tax year, the Personal Allowance for people aged 65-74 and 75 and over can be reduced below the basic Personal Allowamce where the income is above £100,000.
Note3: Tax relief for the Married Couple’s Allowance is given at 10%.

Key Dates

*Key dates in 2012 for personal Self Assessment tax payers*
31 July 2012	The date by which the second payment on account in respect of 2011/2012 must be paid. Consider reducing if last year’s income has dropped.
31 October 2012	Deadline for submission of a HMRC paper tax return for 2011/2012.
5 October 2012	Deadline for notifying HMRC of new sources of income unless a 2011/2012 tax return has already been issued.
30 December 2012	Deadline for e-filing the tax return where the tax payer requires the 2011/2012 balancing payment to be collected through next year’s tax code (less than £2,000).
31 January 2013	Deadline for submitting online your 2011/2012 self assessment tax return. It is also the date by which the tax payer will be required to settle the 2011/2012 balancing payment and make the first payment on account in respect of 2012/2013.

Capital Gains Tax

Capital Gains Tax

2012-2013

2011-2012

2010-2011

2009-2010

Annual exempt amount:

– Individuals etc

£10,600

£10,100

– Trustee

£5,300

£5,050

After 22 June 2010

Capital Gains Tax is charged at a rate of 18% and 28% depending upon your total personal taxable income for that tax year apportioned between the remaining balance of your basic tax band and 28% above after taking into account your annual capital gains tax-free allowance.

Entrepreneur’s Relief available at 10%.

From 1 April 2008 to 22 June 2010

Capital Gains Tax was charged at a Standard Rate of 18%.

Entrepreneur’s Relief available at 10%.

Prior to 1 April 2008

The amount chargeable to CGT is added onto the top of income liable to income tax for individuals and is charged to CGT at the following rates:
– below the starting rate limit at 10%
– between the starting rate and standard rate limits at 20%, and
– above the basic rate limit at 40%.
For individuals, gains on disposals after 5 April 1998 benefit from indexation relief up to that date. Gains are reduced by taper relief reflecting the number of complete years after 5 April 1998. Non-business assets acquired before 17 March 1998 qualify for a bonus year of taper relief.

The holding period required to receive maximum taper relief for business assets is two years, and for non-business assets is ten years.

Years held after 5/4/98

Relief available to 31 March 2008 Based on the percentage of gain chargeable to CGT

Business asset

Non-Business asset

0

100%

100%

1

50%

100%

2

25%

100%

3

25%

95%

4

25%

90%

5

25%

85%

6

25%

80%

7

25%

75%

8

25%

70%

9

25%

65%

10

25%

60%

Inheritance Tax

*Inheritance Tax*	2012-13 £	2011-12 £	2010-11 £	2009-10 £
No tax charge arises up to:	£325,000	£325,000	£325,000	£325,000
Balance taxed at 40% above:	£325,000	£325,000	£325,000	£325,000
Tapering relief is given in respect of gifts made between three and seven years before death. Where tax is payable on lifetime gifts (other than those taxable only because they are made within seven years of death), tax is charged at 20%.

Stamp Duty

*Stamp duty Land Tax Rates: Transfers of land and buildings*	Residential land in the UK		Non-residential
	Disadvantaged Areas	All Other Areas	All Land
Zero	£0 to £150,000	£0 to £125,000	£0 to £150,000
1%	over £150,000 to £250,000	over £125,000 to £250,000	over £150,000 to £250,000
3%	over £250,000 to £500,000	over £250,000 to £500,000	over £250,000 to £500,000
4%	Over £500,000 to £1m	Over £500,000to £1m	Over £500,000 to £1m
5%	Over £1 million	Over £1 million	–
Disadvantaged Area Relief for non-residential land transactions ended on 17 March 2005. First time buyer zero rate extended to £250,000 applied from 25 March 2010 to 24 March 2012 inclusive.

*SDLT on new leasehold properties*	NPV of total rent Residential	NPR of premium Non-residential
Zero	£0 to £125,000	£0 to £150,000 (rent < £1K)
1%	Over £125,000	£0 to £250,000 (rent > £1K)
3%	–	Over £250,000 to £500,000
4%	–	Over £500,000
An additional charge to SDLT arises on annual rents greater than £150,000) on non-residential leases. The rules are too complex to reproduce in full here. Please contact us to discuss further.

National Insurance Contributions

National Insurance Class 1	2012-2013 £	2011-2012 £	2009-2010 £
Class 1 Men over 65, Women over 60, and children under 16 do not pay Class 1 contributions.
Employee’s Earnings Limits	Weekly – Monthly – Yearly	Weekly – Monthly – Yearly	Weekly – Monthly – Yearly
– Lower earnings limit (LEL) The minimum level of earnings employees need to qualify for benefit.	£107 – £464 – £5564	£102 – £442 – £5,304	£97 – £420 – £5,044
– Primary threshold (PT) The level of earnings above which employees Class 1 contributions become payable.	£146 – £633 – £7,592	£139 – £602 – £7,228	£110 – £477 – £5,720
– Secondary threshold (ST) The level of earnings above which employers Class 1 contributions become payable.	£144 – £624 – £7,488	£136 – £589 – £7,072	£110 – £477 – £5,720
– Upper Accrual Point (UAP) The limit or contracted out rebate relief.	£770 – £3,337 – £40,040	£770 – £3,337 – £40,040	£770 – £3,337 – £40,040
– Upper earnings limit (UEL) Employees do not pay Class 1 contributions above this level.	£817 – £3,540 – £42,484	£817 – £3,540 – £42,484	£844 – £3,657 – £43,888

Employee’s Class 1 NI rates
– Primary rate from PT to UEL	12%	12%	11%
– Above UEL	2%	2%	1%

Employer’s Class 1 NI rates
– Primary rate from PT to UEL	13.8%	13.8%	12.8%
– Above UEL	2%	2%	1%

Employer’s Class 1A NI rates on B-I-K	13.8%	13.8%	12.8%

*National Insurance Class 2*	2012-2013 £	2011-2012 £	2010-2011 £	2009-2010 £
Self-employed National Insurance
– on annual earnings over	£5,595	£5,315	£5,075	£5,075
– weekly contribution	£2.65	£2.50	£2.40	£2.40
– annual contribution	£137.80	£130.00	£124.80	£124.80

*National Insurance Class 3*	2012-2013 £	2011-2012 £	2010-2011 £	2009-2010 £
Voluntary contributions:
– weekly contribution	£13.25	£12.60	£12.05	£12.05
– annual contribution	£689.00	£655.20	£626.60	£626.60

*National Insurance Class 4*	2012-2013 £	2011-2012 £	2010-2011 £	2009-2010 £
Self-employed National Insurance on taxable profits between:
– Lower limit (LL)	£7,605	£7,225	£5,715	£5,715
– Upper limit (UL)	£42,475	£42,475	£43,875	£43,875
– Rate applied to earnings above LL to UL	9%	9%	8%	8%
– Rate applied to earnings above UL	2%	2%	1%	1%
– Maximum payable	£3,138.30 + 2%	£3,172.50 + 2%	£3,052.80 + 1%	£3,052.80 + 1%

The Authorised Mileage Rates

*Mileage Rates to be used for privately owned vehicles from 6th April 2011*	First 10,000 miles	Above 10,000 miles
Cars and vans	45p	25p
Motorcycles	24p	24p
Cycles	20p	20p
*Mileage Rates to be used for privately owned vehicles before 5th April 2011*	First 10,000 miles	Above 10,000 miles
Cars and vans	40p	25p
Motorcycles	24p	24p
Cycles	20p	20p

Compulsory registration for VAT

*VAT thresholds and limits*	Registration threshold	Deregistration limit
from 1 April 2012	£77,000	£75,000
01.04.11 to 31.03.12	£73,000	£71,000
01.04.10 to 31.03.11	£70,000	£68,000
01.05.09 to 31.03.10	£68,000	£66,000
01.04.08 to 30.04.09	£67,000	£65,000
01.04.07 to 31.03.08	£64,000	£62,000
01.04.06 to 31.03.07	£61,000	£59,000
01.04.05 to 31.03.06	£60,000	£58,000
01.04.04 to 31.03.05	£58,000	£56,000

VAT Road Fuel Scale Charges

*Quarterly Road Fuel Scale charges for periods after 1 May 2009*	VAT fuel scale charge	VAT at 17.5%	VAT exclusive charge
CO2 Band	£(Qtr)	£(Qtr)	£(Qtr)
120 or less	£126	£18.77	£107.23
125	£189	£28.15	£160.85
130	£189	£28.15	£160.85
135	£189	£28.15	£160.85
140	£201	£29.94	£171.06
145	£214	£31.87	£182.13
150	£226	£33.66	£192.34
155	£239	£35.60	£203.40
160	£251	£37.38	£213.62
165	£264	£39.32	£224.68
170	£276	£41.11	£234.89
175	£289	£43.04	£245.96
180	£302	£44.98	£257.02
185	£314	£46.77	£267.23
190	£327	£48.70	£278.30
195	£339	£50.49	£288.51
200	£352	£52.43	£299.57
205	£365	£54.36	£310.64
210	£378	£56.30	£321.70
215	£390	£58.09	£331.91
220	£403	£60.02	£342.98
225	£416	£61.96	£354.04
230	£428	£63.74	£364.26
235 or above	£441	£65.68	£375.32

*Monthly Road Fuel Scale charges for periods after 1 May 2009*	VAT fuel scale charge	VAT at 17.5%	VAT exclusive charge
CO2 Band	£(Mnth)	£(Mnth)	£(Mnth)
120 or less	£42	£6.26	£35.74
125	£63	£9.38	£53.62
130	£63	£9.38	£53.62
135	£63	£9.38	£53.62
140	£67	£9.98	£57.02
145	£71	£10.57	£60.43
150	£75	£11.17	£63.83
155	£79	£11.77	£67.23
160	£83	£12.36	£70.64
165	£88	£13.11	£74.89
170	£92	£13.70	£78.30
175	£96	£14.30	£81.70
180	£100	£14.89	£85.11
185	£104	£15.49	£88.51
190	£109	£16.23	£92.77
195	£113	£16.83	£96.17
200	£117	£17.43	£99.57
205	£121	£18.02	£102.98
210	£126	£18.77	£107.23
215	£130	£19.36	£110.64
220	£134	£19.96	£114.04
225	£138	£20.55	£117.45
230	£142	£21.15	£120.85
235 or above	£147	£21.89	£125.11

Van Benefits

*Van Benefits*	2012-2013	2011-2012	2010-2011	2009-2010

Van Benefit	£3,000	£3,000	£3,000	£3,000
Fuel Benefit	£550	£550	£550	£500

Corporation Tax

*Corporation Tax*	YE 3 1.03.13 (2012)		YE 31.03.12 (2011)		YE 31.03.11 (2010)		YE 31.03.10 (2009)
*Corporation Tax*	Profits Band	%	Profits Band	%	Profits Band	%	Profits Band	%
Small Profits Rate	£0 – 300K	20%	£0 – 300K	20%	£0 – 300K	21%	£0 – 300K	21%
Marginal Relief Limits	£300K – 1.5M	–	£300K – 1.5M	–	£300K – 1.5M	–	£300K – 1.5M	–
Main Rate	Above £1.5M	24%	Above £1.5M	26%	Above £1.5M	28%	Above £1.5M	28%
Small companies fraction	1/80		3/200		7/400		7/400