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Tax Tables
Income Tax Rates
Income Tax Allowances, Reliefs and Credits
|
2012/13 |
2011/12 |
Given at marginal rate of income tax |
||
Personal allowance (minimum) |
8,105 |
7,475 |
Personal allowance (age 65-74) |
10,500 |
9,940 |
Personal allowance (age 75+) |
10,660 |
10,090 |
|
||
Blind Person's Allowance |
2,100 |
1,980 |
|
||
Rent-a-room tax free home income* |
4,250 |
4,250 |
|
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Relief restricted to 10% |
|
|
Married couples/Civil partnerships allowance (age under 75 and born before 6th April 1935) |
N/A |
N/A |
Married couples/Civil partnerships allowance (age 75+) |
7,705 |
7,295 |
Married couples/Civil partnerships allowance (minimum) |
2,960 |
2,800 |
Income limit for age-related allowances |
25,400 |
24,000 |
Personal allowances progressively reduced £1 for £2 income above £100,000 |
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Child Tax Credit (CTC) |
|
|
Family element |
545 |
545 |
Child element |
2,690 |
2,555 |
Disabled child element |
2,950 |
2,800 |
Severely disabled child element |
1,190 |
1,130 |
|
|
|
Working Tax Credit (WTC) |
|
|
Basic element |
1,920 |
1,920 |
Couples & lone parent element |
1,950 |
1,950 |
30 hour element |
790 |
790 |
Disabled worker element |
2,750 |
2,650 |
Severe disability element |
1,190 |
1,130 |
50+ return to work payment (16-29 hours) |
Removed! |
1,365 |
50+ return to work payment (30+ hours) |
Removed! |
2,030 |
|
|
|
Childcare Element of WTC |
|
|
Maximum eligible cost for one child |
£175 per week |
£175 per week |
Maximum eligible cost for two or more children |
£300 per week |
£300 per week |
Percentage of eligible costs covered |
70% |
80% |
Withdrawal Rates for CTC & WTC |
|
|
First income threshold |
6,420 |
6,420 |
First income threshold for CTC only |
15,860 |
15,860 |
First withdrawal rate |
41% |
41% |
Second income threshold |
40,000 |
Withdrawn |
Second withdrawal rate |
41% |
41% |
Income increase disregarded |
10,000 |
10,000 |
|
|
|
Limits for other reliefs |
|
|
Enterprise Investment Scheme (EIS) |
30% |
30% |
Maximum Investment |
1000,000 |
500,000 |
EIS capital gains re-investment |
Unlimited |
Unlimited |
|
|
|
Seed Enterprise Investment Scheme (SEIS) |
|
|
Maximum Investment |
100,000@50% |
|
|
|
|
Venture Capital Trusts (VCT) @ 30% |
|
|
Maximum Investment |
200,000 |
200,000 |
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