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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	£10,100	£9,600
- Trustee	£5,300	£5,050	£5,050	£4,800
From 1 April 2008 Capital Gains Tax will be charged at a Standard Rate of 18%. From 23 June 2010, the rate is 28% where the gains, aggregated with your other taxable income, take you above the threshold of the income tax basic rate. Entrepreneur's Relief gives an effective rate of 10% on gains up to £10 million (£5 million for disposals between 23 June 2010 and 5 April 2011, £2 million for disposals between 6 April and 22 June 2010). 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.

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 06 April 2011	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
5%		Over £1 million	Over £1 million

*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 £	2009-2011 £	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%

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

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

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