“In today’s fast moving world, individually tailored and independent expert advice is essential. Langtons have tremendous depth of experience and expertise across the full range of financial matters for private and commercial clients with experienced advisers based throughout Somerset, Devon and Cornwall.”
Patrick Roach
Patrick Roach
Tax Tables 2007-08
|
INCOME TAX
|
|||
|
2007/08
|
2006/07
|
||
| Rate |
Band |
Rate |
Band |
|
%
|
£
|
%
|
£
|
|
10
|
0 - 2,230
|
10
|
0 - 2,150
|
|
22*
|
2,231 - 34,600
|
22*
|
2,151 - 33,300
|
|
40**
|
Over 34,600
|
40**
|
Over 33,300
|
|
* Except dividends (10%) and savings income (20%)
|
|||
|
** Except dividends (32.5%)
|
|||
|
Other income taxed first then savings, income and finally dividends
|
|||
|
INCOME TAX RELIEFS
|
|||
|
|
2007/08
|
2006/07
|
|
|
£
|
£
|
||
|
Personal Allowance
|
- Under 65
|
5,225
|
5,035
|
|
- 65-74*
|
7,550
|
7,280 |
|
|
- 75 and over*
|
7,690
|
7,420 |
|
|
Married couples
(Relief at 10%)
|
- Aged less than 75 and born before 06.04.35*
|
6,285
|
6,065
|
|
- 75 and over*
|
6,365
|
6,135
|
|
| - Min. Amount |
2,440 |
2,350 |
|
|
*Age allowance income Limit
|
20,900
|
20,100
|
|
|
(Reduce age allwance by £1 for every £2 of excess income over £20,900.) |
|||
|
Blind Person's Allowance
|
1,730
|
1,660
|
|
|
INHERITANCE TAX
|
||||||||
|
Death Rate
|
Lifetime Rate
|
Chargeable Transfers
|
||||||
|
2007/08 |
2006/07
|
|||||||
|
% |
% |
£'000 |
£'000 |
|||||
|
NIL
|
NIL
|
0-300
|
0-285
|
|||||
|
40
|
20
|
Over 300
|
Over 285
|
|||||
|
Reliefs
|
||||||||
|
Annual exemption
|
£3,000
|
Marriage
|
- Parent |
£5,000 |
||||
|
Small Gifts
|
£250
|
- Grandparent
|
£2,500 |
|||||
|
- Bride/groom
|
£2,500
|
|||||||
|
- Other
|
£1,000
|
|||||||
|
Reduced Charges on gifts within seven years of death.
|
||||||||
|
Years before death
|
0-3
|
3-4
|
4-5
|
5-6
|
6-7
|
|||
|
% of death charge
|
100
|
80
|
60
|
40
|
20
|
|||
|
CAPITAL GAINS TAX
|
||
|
Gain added to Total Income and charged at appropriate Tax Rates
|
||
|
|
2007/08
|
2006/07
|
|
Annual Exemptions
|
£
|
£
|
|
Individuals
|
9,200
|
8,800
|
|
Trusts
|
4,600
|
4,400
|
|
Business Taper Relief
|
||
|
Number of complete years for which asset held after 5th April 1998
|
Percentage of gain chargeable
|
|
|
Business Assets
|
Non-business Assets*
|
|
|
1
|
50
|
0
|
|
2
|
75
|
0
|
|
3
|
75
|
5
|
|
4
|
75
|
10
|
|
5
|
75
|
15
|
|
6
|
75
|
20
|
|
7
|
75
|
25
|
|
8
|
75
|
30
|
|
9
|
75
|
35
|
|
10
|
75
|
40
|
|
*add one year if asset owned berfore 17.03.98
|
||