|Income tax rates||2013-2014||2012-2013|
|10% starting rate for savings*||£2,790||£2,710|
|20% on income up to||£32,010||£34,370|
|40% on income over||£32,010||£34,370|
|45% on income over||£150,000||-|
|50% on income over||-||£150,000|
|Dividends for basic rate taxpayers||10%||10%|
|Dividends for higher rate taxpayers up to £150,000||32.5%||32.5%|
|Dividends for income over £150,000||37.5%||42.5%|
|Trusts within relevant property regime**||45%||50%|
|Dividends for trusts within relevant property regime||37.5%||42.5%|
* Restricted to savings income and not available if non-savings income exceeds starting rate limit.
** A standard rate band of £1,000 applies, below this level income will be taxed at no more than 20%.
|Main income tax reliefs||2013-2014||2012-2013|
|Personal allowance (for income up to £100,000)*||£9,440||£8,105|
|Personal allowance (born 6/4/1938 to 5/4/1948) **||£10,500||£10,500|
|Personal allowance (born before 6/4/1938) **||£10,660||£10,660|
|Married couple's allowance
(where born before 06/04/1935) ***
|Income limit for age-related allowances||£26,100||£25,400|
|Blind person's allowance||£2,160||£2,100|
|Enterprise Investment Scheme at 30% ****||£1,000,000||£1,000,000|
|Seed Enterprise Investment Scheme at 50% ****||£100,000||£100,000|
|Venture Capital Trust at 30%||£200,000||£200,000|
|Rent-a-room tax-free income||£4,250||£4,250|
* The allowance is reduced by £1 for every £2 income above £100,000 irrespective of age.
** The allowance is reduced by £1 for every £2 income above the limit subject to the minimum allowance of £9,440 unless income exceeds £100,000.
*** The allowance may be reduced subject to income levels (minimum allowance £3,040 for 2013-14). Relief is given at 10%
**** Capital gains tax reliefs are also available.
Click here to download our 2013 - 2014 Tax Rate card
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