“The relationship you build with a financial adviser is one of trust. It is important that you are completely comfortable, as you would be with your Doctor. Langtons take care to select the most suitable adviser for you, for instance some of my clients felt they would be more comfortable with a female adviser. ”
Denise Saunders
Denise Saunders
Tax Tables 2008-09
|
INCOME TAX RATES
|
|||
|
2008/09
|
2007/08
|
||
|
Band
|
Rate
|
Band
|
Rate
|
|
£
|
%
|
£
|
%
|
|
0 - 2,320
|
10*
|
0 - 2,230
|
10
|
|
2,321-36,000
|
20**
|
2,231 - 34,6000
|
22**
|
|
Over 36,000
|
40***
|
Over 34,600
|
40***
|
|
* Only applicable to dividends and savings income
|
|||
|
** Except dividends (10%) and, in 2007/08, savings income 20%
|
|||
|
*** Except dividends (32.5%)
|
|||
|
Other income taxed first, then savings income and finally dividends.
|
|||
|
INCOME TAX RELIEFS
|
|||
|
|
2008/09
|
2007/08
|
|
|
£
|
£
|
||
|
Personal allowance
|
- under 65
|
5,435
|
5,225
|
|
- 65 - 74*
|
9,030
|
7,550
|
|
|
- 75 and over*
|
9,180
|
7,690
|
|
|
Married couple's allowance (relief at 10%)
|
-aged less than 75 and born before 6.4.35*
|
6,535
|
6,285
|
|
- 75 and over*
|
6,625
|
6,365
|
|
|
-min. amount
|
2,540
|
2,440
|
|
|
*Age allowance income limit
|
21,800
|
20,900
|
|
|
(Reduce age allowance by £1 for every £2 of excess income over £21,800)
|
|||
|
Blind person's allowance
|
1,800
|
1,730
|
|
|
INHERITANCE TAX
|
|||||
|
Death Rate
|
Lifetime Rate
|
Chargeable transfers
|
|||
|
2008/09
|
2007/08
|
||||
|
%
|
%
|
£'000
|
£'000
|
||
|
Nil
|
Nil
|
0 - 312*
|
0 - 300*
|
||
|
40
|
20
|
Over 312*
|
Over 300*
|
||
|
*potentially increased for surviving spouses or civil partners who die on or after 9 October 2007
|
|||||
|
Reliefs
|
|||||
|
Annual exemption
|
£3,000
|
Marriage
|
- parent
|
£5,000
|
|
|
small gifts
|
£250
|
|
- grandparent
|
£2,500
|
|
|
|
- bride/groom
|
£2,500
|
|||
|
- other
|
£1,000
|
||||
|
Reduced charge 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
|
||
|
|
2008/09
|
2007/08
|
|
Individuals
|
£
|
£
|
|
Exemption
|
9,600
|
9,200
|
|
For 2008/09, balance of gains charged at 18%
|
||
|
For 2007/08, balance of gains (reduced by taper relief*) charged as top slice of income (at savings rates i.e 10%, 20% or 40%)
|
||
|
Trusts
|
||
|
Exemption
|
4,800
|
4,600
|
|
Balance of gains (reduced by taper relief* for 2007/08)
|
18%
|
40%
|
|
*Taper relief abolished for gains arising on or after 6 April 2008
|
||
|
Entrepreneurs' Relief
|
||
|
For gains arising on or after 6 April 2008, the first £1m of qualifying gains are charged at an effective rate of 10%. Gains in excess of £1m are charged at 18%
|
||