Income tax
| 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) *** |
£7,915 | £7,705 |
| 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.
Download
Click here to download our 2013 - 2014 Tax Rate card
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