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

Car Benefit Assessment

Charge based on a percentage of the initial list price of the car, including accessories, delivery charges and VAT. The percentage depends on the carbon dioxide emissions rating of the car, and whether the engine runs on petrol or diesel.
Ratings	Petrol	Diesel
0-140g/km	15%	18%
over 140g/km	+1% for each extra 5g/km (145,150,etc.)
Maximum	35%	35%
Special rules apply to older cars which do not have a CO2 rating. Employee contributions for private use are deducted from the taxable figure. Company vans are charged at £3,000 (2006/07: £500) if private use is more than home-to-work travel. An additional amount of £500 (2006/07: nil) is charged if fuel is provided free for private use.
Car fuel benefit
The benefit of free fuel for private use in a company car is calculated using the same percentage as that used for the car benefit, applied to a standard figure of £14,400. The taxable amount is therefore between £2,160 (min.) and £5,040 (max.).