Facts & Figures for the 2008/09 Tax Year

Personal Allowance (Tax Free Pay)

2008/092007/08
Aged up to 655,4355,225
Aged 65 to 749,0307,550
Aged over 759,1807,690
 
Taxable Income 2008/09
0 (2007/08: 0 - 2,230)-10%
0 - 36,000 (2007/08: 2,231 - 34,600)20%22%
over 36,000 (2007/08: over 34,600)40%40%
 

Class 2 Self-Employed NI Stamp

on profits between 5,225 and 34,840 (2006/07: 5,035 - 33,540)2.30 p.w.2.20 p.w.
 

Class 4 Self-Employed Levy

on profits between: 5,435 - 40,040 (2007/08: 5,225 - 34,840)8%8%

on profits in excess of 40,040

(2007/08: 34,840)

1% 1%

National Insurance (employee rates)

Earnings per week:

2008/092007/08  
0 - 1050 - 1000%0%
105 - 770100 - 67011%11%
over 770over 6701%1%

National Insurance (employer rates)

Earnings per week:

2008/092007/08  
0 - 1050 - 1000%0%
105 - 770100 - 67012.8%12.8%
over 770over 67012.8%12.8%
 

Capital Gains Tax

Charged at highest personal rate of tax:
On chargeable gains in excess of9,6009,200

Inheritance Tax

Taxed at 40% for estate value in excess of:  

Individuals:

312,000300,000

Married Couples:

624,000 N/A
VAT
Turnover registration threshold,
in any 12 month period67,00064,000
Standard Rate of VAT17.5%17.5%