Mapus-Smith & Lemmon

Tax Rates & Allowances - Income Tax Rates and Bands

Income Tax rates and bands


  2011/12 2010/11
Starting rate on band *(SRB) 2,560 2,440
Basic rate band (BRB) 35,000 37,400
Higher rate band (HRB) 35,001-150,000 37,401-150,000
Additional rate over 150,000 over 150,000
 
* SRB is within BRB and applies to savings income only. If taxable general income exceeds the SRB, the 10% rate is not available for savings income.
 
Tax rates    
Rates differ for General/Savings/Dividends
  2011/12 and 2010/11
  G S D
Starting rate N/A 10% 10%
Basic rate 20% 20% 10%
Higher rate 40% 40% 32.5%
Additional rate 50% 50% 42.5%
 
General income (salary, pension, profit, rent) uses lower rate bands first, then savings (interest), then dividends. Discretionary trusts: basic rate as above applies to the first £1,000 of income, then additional rate.


ICAEW - Menmber Firm

Designated Members : M.J. Jay, F.C.A.  •  P.E. Farrow, F.C.C.A., A.C.A.  •  J.W. Hall, F.C.C.A., A.C.A.  •  J.R. Turner, Dip. P.F.S., A.I.F.P.  •  R.D. Gray, A.C.I.B.  •  S.J. Edwards, F.C.A.
Member: S.T. Boote, B.Sc (Econ), F.C.A.

Offices at King's Lynn and Downham Market. Registered to carry on audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. Mapus-Smith & Lemmon LLP is a registered limited liability partnership.