Article Index
Budget 2007
Personal Allowances
Taxation of Dividends
Personal Income Tax Reliefs
Benefits in Kind
Advisory Fuel Rates for Company Cars
Tax Free Approved Mileage Rates
Enterprise Investment Scheme
Venture Capital Trusts (VCT)
Approved Employee Share Schemes
Individual Savings Accounts (ISA)
Child Trust Fund
Registered Pension Schemes
Capital gains tax
Inheritance Tax
Corporation Tax (Corporate Tax)
Corporate Capital Gains
Corporate Venturing Scheme
Construction Industry Scheme
Capital Allowances and Reliefs
Value Added Tax
National Insurance Contributions (NIC)
Tax Credits
Gifts To Charities
Landfill Tax
Insurance Premium Tax
Aggregates Levy
Climate Change Levy
Stamp Duty
Dates For Payment Of Tax
Key Filing Dates

Page 1 of 31

Budget 2007

Income Tax Rates

Taxable income		Rate	Cumulative tax
2007/ 2008	2006/ 2007		2007/ 2008	2006/ 2007
£	£	%	£	£
1-2,230¹	1-2,150¹	10	223.00	215.00
2,231-34,600²	2,151-33,300²	22	7344.40	7,068.00
over 34,600	over 32,400	40	-	-

Savings income (excluding dividends) is taxed at 10% within the starting rate band and at 20% within the basic rate band
Rate applicable to discretionary and accumulation and maintenance trusts is 40% above standard rate band of £1,000; within this band tax rate is 10%, 20% or 22% depending on nature of income.

¹ Starting rate band
² Basic rate band

The figures shown here are subject to ammendment as the Finance Bill passes through Parliament.

This information has been prepared only as a topical guide to tax and personal financial matters. No responsibility can be accepted by us for loss occasioned to any person acting or refraining from acting as a result of any material contained in this publication.

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