Budget 2007
Main Income Tax reliefs
2007/08
2006/07
Lower rate on first
£2,230
£2,150
Basic rate on next
32,370
31,150
Higher rate on taxable income over
34,600
33,300
Tax rates 2007/08 (unchanged from 2006/07)
Rates differ for Dividends/Interest/Other
D
I
O
Starting rate
10%
Basic rate
20%
22%
Higher rate
32.5%
40%
Dividends taxed at highest part of income, then interest, then other
Discretionary trust
- within £1,000 standard rate band
- thereafter
Introduction Main Income Tax reliefs Income Tax Rates and bands Car Benefit Assessment Tax Free Mileage Allowances National Insurance Contributions Pension Contributions Inheritance Tax Value Added Tax Capital Gains Tax Corporation Tax Main capital allowances Stamp Duty & Stamp Duty Land Tax Earliest due dates for payment of tax