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Tax Tables

Income Tax Rates

Income Tax - taxable bands

2008/09 (£)

2007/08 (£)

Starting rate: 10%:

-

£0 - £2,230

Basic rate: 20%:

£0 - £34,800

-

Basic rate: 22%

-

£2,230 - £34,600

Higher rate: 40%

£34,800 +

£34,600 +

 

 

 

*from 2008/09 only applicable on savings income where it is below £2,320.00.

 

 

 

Dividends

 

 

Basic rate taxpayers

10%

10%

Higher rate taxpayers

32.5%

32.5%

 

 

 

Pre-owned assets tax (£5,000 taxable threshold)

As income

As income

 

 

 

Discretionary and Relevant Property Trusts*

 

 

Basic rate band

1,000

1,000

Dividends (rate applicable to trusts - RAT)

32.5%

32.5%

Other income (rate applicable to trusts - RAT)

40%

40%

 

 

 

*from 6/4/2008 A&M trusts can only be created by a parent's will, all other trusts will fall under the RPT regime.

 

 

 

Interest In Possession Trusts

 

 

Dividends

10%

10%

Savings

20%

20%

Other income

20%

22%

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