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Budget 2007
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
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Income Tax Rates and bands
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2007/08
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2006/07
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Lower rate on first
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£2,230
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£2,150
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Basic rate on next
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32,370
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31,150
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Higher rate on taxable income over
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34,600
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33,300
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Tax rates 2007/08 (unchanged from 2006/07)
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Rates differ for Dividends/Interest/Other
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D
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I
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O
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Starting rate
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10%
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10%
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10%
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Basic rate
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10%
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20%
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22%
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Higher rate
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32.5%
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40%
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40%
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Dividends taxed at highest part of income, then interest,
then other
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Discretionary trust
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- within £1,000 standard rate band
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10%
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20%
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22%
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- thereafter
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32.5%
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40%
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40%
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