Introduction
Personal Income Tax
Tax Credits
National Insurance Contributions
Employees
Savings
Trusts
Capital Gains Tax
Stamp Duty Land Tax
Inheritance Tax
Corporation Tax
Business Tax
Value Added Tax
Other Measures
Tax Tables
National Insurance
| Table A Allowances and Reliefs | ||||||||||||||||||
| 2006/07 | 2005/06 | |||||||||||||||||
| Allowed at top rate of tax | ||||||||||||||||||
| Personal Allowance | £5,035 | £4,895 | ||||||||||||||||
| Personal Allowance (65-74)* | 7,280 | 7,090 | ||||||||||||||||
| Personal Allowance (75 and over)* | 7,420 | 7,220 | ||||||||||||||||
| Blind Person's Allowance | 1,660 | 1,610 | ||||||||||||||||
| Allowed only at 10% | ||||||||||||||||||
| Married Couple's Allowance (65-74)+* | 6,065 | 5,905 | ||||||||||||||||
| Married Couple's Allowance (75 and over)+* | 6,135 | 5,975 | ||||||||||||||||
| Income Limit for age-related allowances | 20,100 | 19,500 | ||||||||||||||||
| + 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 £2,350 (2005/06: £2,280). | ||||||||||||||||||
| Bands | 2006/07 | 2005/06 | ||||||||||||||||
| Lower | £2,150 | £2,090 | ||||||||||||||||
| Basic | next 31,150 | next 30,310 | ||||||||||||||||
| Higher | over 33,300 | over 32,400 | ||||||||||||||||
| Rates differ for Dividend, Interest and Other income within each band: | ||||||||||||||||||
| Rates | 2006/07 and 2005/06 | |||||||||||||||||
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| Table B Pension Contributions | ||||||||||||||||||
| For contributions from 6.4.2006, the old rules and limits have all changed. | ||||||||||||||||||
| The maximum annual tax efficient gross contributions (up to age 75) in 2006/07 are: | ||||||||||||||||||
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| Maximum tax-efficient fund (lifetime allowance) where benefits are taken in 2006/07: £1.5m | ||||||||||||||||||
| Only current earnings count for the 100% limit in 2006/07. 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 2006/07 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 2006/07 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.). | ||||||||||||||||||
© Bayar Associates Ltd., 2006. An Oppo site.