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INCOME TAX ALLOWANCES

Income tax rates

Income tax allowances

Capital gains tax

Corporation tax

Inheritance tax

National insurance

Pension relief

Scale benefits for vehicles

Mileage Allowance

VAT

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2012-13
2011-12
Allowances effective at all rates
Personal allowance
8105
7475
Age allowance (65-74)
10500
9940
Age allowance (75 and over)
10660
10090
Blind person's allowance
2100
1980
   
Personal allowances on income over £100000 are reduced by £1 for every £2 of income (Personal allowance becomes zero on income over £116210)

 

Allowances effective at only 10% rate
Age allowance
7705
7295
(married, elder age 76 and over)
Minimum allowance
2960
2800
(married, elder age 76 and over)
  • All age allowances are reduced by £1 for every £2 of income over £25400 (£24000).

 

 


The Tax Practice (Guildford) Limited registered in England & Wales 4414698