RATES AND ALLOWANCES
2009-2010
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Income Tax
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Income
tax allowances
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2009-10
(£)
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Personal
allowance
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6,475 |
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Personal
allowance for people aged 65-74
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9,490 |
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Personal
allowance for people aged 75 and over
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9,640 |
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Income limit
for age-related allowances
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22,900
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Married
couple’s allowance for people born before 6 April 1935
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6,865
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Married
couple’s allowance - aged 75 or more
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6,965
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Minimum
amount of married couple’s allowance
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2,670
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Blind
person’s allowance
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1,890
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Taxable
bands
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Starting
rate 10%
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0
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Basic rate
20%
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0 -
37,400
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Higher rate
40%
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Over
37,400
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National Insurance
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Item
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Lower
Earnings Limit
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£95
per week
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Upper
Earnings Limit
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£844
per week
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Primary
Threshold
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£110
per week
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Secondary
Threshold
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£110
per week
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Employee's
contributions
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11%
of £110.01 to £770 per week 1% above £770 per week
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Employee's
Contracted-out Rebate
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1.
6%
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Married
Women Reduced Rate
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4.85%
of £110.01 to £770 per week 1% above £770 per week
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Employer's
Contribution Rates
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12.8%
on earnings above £105 per week
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Employers’
contracted-out rebate, salary-related schemes
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3.70%
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Employers’
contracted-out rebate, money-purchase schemes
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1.40%
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Class 2
Self employed Contribution
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£2.40
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Class 2
Small Earnings Exception
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£5,075
per year
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Special
Class 2 rate for share fishermen
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£3.05
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Special
Class 2 rate for volunteer development workers
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£4.75
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Class 3
(voluntary) Contribution
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£12.05
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Class 4
- Contribution Rate
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8%
of £5,715 to £43,875 per year 1% above £43,875 per year
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Class 4
Contributions - Lower Profits Limit
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£5,715
per year
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Class 4
Contributions - Upper Profits Limit
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£43,875
per year
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Capital gains tax annual
exempt amount
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Individuals
etc
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10,100 |
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Other
trustees
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5,050
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Inheritance tax
threshold
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325,000
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Pension schemes earnings
cap
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123,600
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Corporation Tax
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Starting
rate 0%
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N/A |
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Marginal
relief
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N/A |
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Small
companies’ rate 21%
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0 - 300,000
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Marginal
relief
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300,001 - 1,500,000
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Main rate
28%
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1,500,001 or more
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Approved Mileage Rates
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Cars
and Vans - First 10000 business miles in the tax year
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40p |
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Cars and
Vans - Each mile over 10000 business miles in the tax year
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25p |
Motorcycles
- First 10000 business miles in the tax year
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24p
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Motorcycles
- Each mile over 10000 business miles in the tax year
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24p
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Bicycles
- First 10000 business miles in the tax year
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20p
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Bicycles -
Each mile over 10000 business miles in the tax year
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20p
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Value Added Tax
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Standard
rate
(From 1 January 2010)
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17.5%
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Standard
rate
(To 31 December 2009) |
15% |
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Annual
Registration limit
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£68,000
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De-registration
limit
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£66,000
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Key Assessment Dates
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| Second
2009/2010 payment on account for all taxpayers |
31 July 2009 |
| Tax
return deadline for paper returns |
31 October 2009 |
| Final
deadline for submitting tax returns, payment of balance of tax liability
for 2009/2010 and first payment on account for 2010/2011 |
31 January
2010 |
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