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

Earliest due dates for payment of tax

Income Tax

 

Employment

Most tax paid under PAYE

Interest, dividends

Lower/basic rate liability usually settled before receipt

Untaxed sources, plus balance on employment and higher rates on investment income (self assessment)

Payments on account for 2007/08 on 31.1.08 and 31.7.08 based on 2006/2007 tax; balance due 31.1.2009 with first instalment for 2008/09.

Capital Gains Tax

31 January following the tax year.

Inheritance Tax

Normally 6 months after month of death.

Corporation Tax

Large companies pay by instalments starting 6 1/2 months through the accounting period; small/medium companies pay 9 months and 1 day after end of period.