|Tax bands and rates||2013/14||2012/13|
|Basic rate band||£32,010||£34,370|
|Basic tax rate||20%||20%|
|Dividend ordinary tax rate||10%||10%|
|Savings rate band||£2,790||£2,710|
|Higher rate band||£32,011-£150,000||£34,371 - £150,000|
|Higher tax rate||40%||40%|
|Dividend higher tax rate||32.5%||32.5%|
|Additional rate band over||£150,000||£150,000|
|Additional tax rate||45%||50%|
|Dividend additional tax rate||37.5%||42.5%|
|Allowances that reduce taxable income|
|Personal allowances||under 65||£9,440||£8,105|
|65 to 74||£10,500||£10,500|
|75 and over||£10,660||£10,660|
|Blind person's allowance||£2,160||£2,100|
Age related allowances are reduced by £1 for each £2 of income above £26,100 (2012/13 £25,400), until the minimum of £9,440 (2012/13 £8,105) is reached.
The minimum personal allowance is reduced, by £1 for each £2 of income from £100,000 (2012/13 - £100,000) to £118,880 (2012/13 - £116,210).
|Allowances that reduce tax|
|Married couple's allowance (MCA)||79 and over (78 and over in 2012/13)||£7,915||£7,705|
|Tax reduction at 10%||£791.50||£770.50|
The age for MCA is of the elder spouse or civil partner.
The loss of tax reduction is 10p for each £2 of income above £25,400 (2012/13 £25,400) until the minimum of £304 (2012/13 £296) is reached.
|Non domicile charge|
|Charge for adult non UK domiciliary - applies after UK residence in seven or
more of the previous tax years
Enterprise Investment Scheme (EIS) up to
|Maximum amount for EIS carry back||£50,000||£50,000|
|Income tax relief rate||30%||30%|
|Seed Enterprise Investment Scheme (SEIS)||£100,000||£100,000|
|Venture Capital Trust||£200,000||£200,000|
|VCT tax relief rate||30%||30%|
|Golden handshake max.||£30,000||£30,000|
|Rent a room - exempt on gross annual rent up to||£4,250||£4,250|
|Construction industry scheme - deduction rate|
|Standard rate - registered||20%||20%|
|Higher rate - not registered||30%||30%|
Did you know?
That the Treasury is expecting to raise £151.9 billion from income tax (2012/13 - £147.4 billion).