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Tax Card

Income Tax

*Income Tax Rates*	2011-2012 %	2010-2011 %	2009-2010 %	2008-2009 %
Basic tax rate	20	20	20	20
Higher tax rate	40	40	40	40
Additional tax rate	50	50	–	–
Tax on savings income	20	20	20	20
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	–	–
Basic rate band	£0 - £35,000	£0 - £37,400	£0 - £37,400	£0 - £34,800
Higher rate band	£35,001 to £150,000	£37,401 to £150,000	above £37,400	above £34,800
Additional rate band	Above £150,000	Above £150,000	–	–

Personal Allowances

*Personal allowances*	2011-2012	2010-2011	2009-2010	2008-2009
Standard payroll tax code	747L	647L	647L	603L
Personal allowance (Note 1)	£7,475	£6,475	£6,475	£6,035
- age 65 to 74	£9,940	£9,490	£9,490	£9,030
- age 75 and over	£10,090	£9,640	£9,640	£9,180
Income limit for Personal Allowance (Note 1)	£100,0000	£100,0000	–	–
Married couples allowance (Note 2)
- age 65 to 74	–	Note 3	Note 3	£6,535
- age 75 and over	£7,295	£6,965	£6,965	£6,625
The income limit for age-related allowances	£24,000	£22,900	£22,900	£21,800
Minimum amount of Married Couples Allowance	£2,800	£2,670	£2,670	£2,540
Blind person's allowance	£1,980	£1,890	£1,890	£1,800
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: Tax relief for the Married Couple's Allowance is given at 10%. These allowances reduce by £1 for every £2 of taxable income where the income is above the limits given above. The reduction in the allowance will not reduce below the Personal Allowance or the minimum amount of the Married Couples Allowance.
Note3: At some point during 2009/2010 all claimants in this category will reach the age of 75 and will therefore be entitled to claim the higher rate of relief of 75 and over for Married Couples Allowance.

Key Dates

*Key dates in 2011 for personal Self Assessment tax payers*
31 July 2011	The date by which the second payment on account in respect of 2010/2011 must be paid.
31 October 2011	Deadline for submission of a HMRC paper tax return for 2010/2011.
5 October 2011	Deadline for notifying HMRC of new sources of income unless a 2010/2011 tax return has already been issued.
30 December 2011	Deadline for e-filing the tax return where the tax payer requires the 2010/2011 balancing payment to be collected through next year's tax code (less than £2,000).
31 January 2012	Deadline for submitting online your 2010/2011 self assessment tax return. It is also the date by which the tax payer will be required to settle the 2010/2011 balancing payment and make the first payment on account in respect of 2011/2012.

Capital Gains Tax

Capital Gains Tax

2011-2012

2010-2011

2009-2010

2008-2009

Annual exempt amount:

- Individuals etc

£10,600

£10,100

£9,600

- Trustee

£5,300

£5,050

£4,800

From 1 April 2008

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

Entrepreneur's Relief gives an effective rate of 10% on gains up to £1 million. It is available in respect of gains made on: the disposal of a business; gains made on the disposal of all or part of a business; gains made on the disposal of assets following the cessation of a business; or gains made by certain individuals involved in the running of a business.

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*	2011-12 £	2010-11 £	2009-10 £	2008-2009 £
No tax charge arises up to:	£325,000	£325,000	£325,000	£312,000
Balance taxed at 40% above:	£325,000	£325,000	£325,000	£312,000
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: Transfers of land and buildings (consideration paid) from 23 March 2006	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	Over £500,000	Over £500,000
Disadvantaged Area Relief for non-residential land transactions ended on 17 March 2005.

*New leases (lease duty based on Net Present Value of rents for the term of the lease)*	NPV of total rent Residential	NPR of total rent Non-residential
Zero	£0 to £125,000	£0 to £150,000
1%	Over £125,000	Over £150,000
When calculating the duty payable on the Net Present Value of the lease, you must reduce the NPV calculation by either the £125/150K band before applying the 1% rate.

National Insurance Contributions

National Insurance Class 1	2011-2012 £	2009-2010 £	2008-2009 £
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.	£102 - £442 - £5,304	£97 - £420 - £5,044	£95 - £412 - £4,940
- Primary threshold (PT) The level of earnings above which employees Class 1 contributions become payable.	£139 - £602 - £7,228	£110 - £477 - £5,720	£110 - £477 - £5,720
- Secondary threshold (ST) The level of earnings above which employers Class 1 contributions become payable.	£136 - £589 - £7,072	£110 - £477 - £5,720	£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	-
- Upper earnings limit (UEL) Employees do not pay Class 1 contributions above this level.	£817 - £3,540 - £42,484	£844 - £3,657 - £43,888	£844 - £3,657 - £43,888

Employee's Class 1 NI rates
- Primary contracted in rate from PT to UEL	12%	11%	11%
- Above UEL	2%	1%	1%
- Contracted out rebate between LEL & UAP	Less 1.6%	Less 1.6%	Less 1.6%
- Married womem reduced rate between PT & UEL	5.85%	4.85%	4.85%

Employer's Class 1 NI rates	13.8% above ST	12.8% above ST	12.8% above ST

*National Insurance Class 2*	2011-2012 £	2010-2011 £	2009-2010 £	2008-2009 £
Self-employed National Insurance
- on annual earnings over	£5,315	£5,075	£5,075	£4,825
- weekly contribution	£2.50	£2.40	£2.40	£2.30
- annual contribution	£130.00	£124.80	£124.80	£119.60

*National Insurance Class 3*	2011-2012 £	2010-2011 £	2009-2010 £	2008-2009 £
Voluntary contributions:
- weekly contribution	£12.60	£12.05	£12.05	£8.10
- annual contribution	£655.20	£626.60	£626.60	£421.20

*National Insurance Class 4*	2011-2012 £	2010-2011 £	2009-2010 £	2008-2009 £
Self-employed National Insurance on taxable profits between:
- Lower limit (LL)	£7,225	£5,715	£5,715	£5,435
- Upper limit (UL)	£42,475	£43,875	£43,875	£40,040
- Rate applied to earnings above LL to UL	9%	8%	8%	8%
- Rate applied to earnings above UL	2%	1%	1%	1%
- Maximum payable	£3,172.50 + 2%	£3,052.80 + 1%	£3,052.80 + 1%	£2,768.40 + 1%

The Authorised Mileage Rates

*Mileage Rates to be used for company owned vehicles from 1 January 2009*	Petrol	Diesel	LPG
- Up to 1400cc	10p	11p	7p
- 1401cc to 2000cc	12p	11p	9p
- over 2000cc	17p	14p	12p

*Mileage Rates to be used for company owned vehicles from 1 July 2008 to 31 December 2008*	Petrol	Diesel	LPG
- Up to 1400cc	12p	13p	7p
- 1401cc to 2000cc	15p	13p	9p
- over 2000cc	21p	17p	13p

*Mileage Rates to be used for company owned vehicles from 1 January 2008 to 30 June 2008*	Petrol	Diesel	LPG
- Up to 1400cc	11p	11p	7p
- 1401cc to 2000cc	13p	11p	8p
- over 2000cc	19p	14p	11p
HM Revenue & Customs will accept that no VAT, income tax or NIC tax will arise on payments made to employees that pay for their own fuel and are reimbursed for business journeys at the above mileage rates. The same rates can be used by employees to reimburse their employer for private journeys, where all fuel is paid for by the employer. Detailed daily mileage logs of the business journeys undertaken for each employee are essential to support any claims made.

Compulsory registration for VAT

*VAT thresholds and limits*	Registration threshold	Deregistration limit
from 1 April 2011	£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
10.04.03 to 31.03.04	£56,000	£54,000
25.04.02 to 09.04.03	£55,000	£53,000
01.04.01 to 24.04.02	£54,000	£52,000
01.04.00 to 31.03.01	£52,000	£50,000
01.04.99 to 31.03.00	£51,000	£49,000
01.04.98 to 31.03.99	£50,000	£48,000
01.12.97 to 31.03.98	£49,000	£47,000

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*	2011-2012	2010-2011	2009-2010	2008-2009

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

Corporation Tax

*Corporation Tax*	YE 31.03.11 (2011)		YE 31.03.11 (2010)		YE 31.03.10 (2009)		YE 31.03.09 (2008)
*Corporation Tax*	Profits Band	%	Profits Band	%	Profits Band	%	Profits Band	%
Small Profits Rate	£0 - 300K	20%	£0 - 300K	21%	£0 - 300K	21%	£0 - 300K	20%
Marginal Relief Limits	£300K - 1.5M	–	£300K - 1.5M	–	£300K - 1.5M	–	£300K - 1.5M	–
Main Rate	Above £1.5M	26%	Above £1.5M	28%	Above £1.5M	28%	Above £1.5M	30%
Small companies fraction	3/200		7/400