|
|
News & Tax Tables
Tax Tables
Table A
Allowances and Reliefs |
|
|
2006/07 |
2005/06 |
|
|
|
Allowed at top rate of tax |
|
|
|
Personal Allowance |
£5,035 |
£4,895 |
|
Personal Allowance (65-74)* |
7,280 |
7,090 |
|
Personal Allowance (75 and over)* |
7,420 |
7,220 |
|
Blind Person's Allowance |
1,660 |
1,610 |
|
|
|
Allowed only at 10% |
|
|
|
Married Couple's Allowance (65-74)+* |
6,065 |
5,905 |
|
Married Couple's Allowance (75 and over)+* |
6,135 |
5,975 |
|
Income Limit for age-related allowances |
20,100 |
19,500 |
|
|
+ only available if born before 6th April
1935.
|
* Age allowances are reduced £1 for every £2
by which income exceeds the income limit,
until the age allowance is reduced to the
normal allowance. Personal allowance is
reduced before married couple's allowance.
MCA is reduced to a minimum of £2,350
(2005/06: £2,280).
|
|
|
|
Bands |
2006/07 |
2005/06 |
|
Lower |
£2,150 |
£2,090 |
|
Basic |
next 31,150 |
next 30,310 |
|
Higher |
over 33,300 |
over 32,400 |
|
|
|
Rates differ for Dividend, Interest and
Other income within each band: |
|
|
|
Rates |
2006/07 and 2005/06 |
|
|
|
D |
I |
O |
|
10% |
10% |
10% |
|
10% |
20% |
22% |
|
32.5% |
40% |
40% |
|
|
|
Table B
Pension Contributions |
|
|
|
For contributions from 6.4.2006, the old
rules and limits have all changed. |
|
|
|
The maximum annual tax efficient gross
contributions (up to age 75) in 2006/07 are: |
|
- individuals: |
|
£3,600 or 100% of earnings to £215k |
|
- employers: |
|
£215k less employee contributions |
|
|
Maximum tax-efficient fund (lifetime
allowance) where benefits are taken in
2006/07: £1.5m |
|
Only current earnings count for the 100%
limit in 2006/07. It is no longer possible
to use prior earnings or to carry back
contributions to earlier years. |
|
|
Table C
Benefits In Kind |
Car Benefit Assessment 2006/07
Charge based on a percentage of the initial
list price of the car; the percentage
depends on the carbon dioxide emission
ratings of the car, if it has one. For older
cars without a rating, the percentage
depends on engine capacity.
For 2006/07 the percentage for a petrol
engine remains 15% for ratings up to
140g/km. The percentage increases by 1% for
every complete 5g/km in excess of this (ie
at 145, 150 etc), to a maximum of 35%.
Diesel cars have 3% added to this figure,
but still have a maximum percentage of 35%. |
|
|
Car Fuel Assessment
The benefit is calculated using the same
percentage as that used for the car benefit,
applied to a standard figure of £14,400.
The taxable amount is therefore between
£2,160 (15% - min.) and £5,040 (35% - max.). |
|
|
|
|
|
Independent Solutions Ross-on-Wye Limited is authorised and
regulated by the Financial Services Authority.
The
Financial Services Authority does not regulate taxation and trust
advice.
Your
home may be repossessed if you do not keep up repayments on your
mortgage
There may
be a fee for mortgage advice. The precise amount will
depend upon your circumstances but we estimate that it will be £299. |
