Income Tax Rates

Income Tax - taxable bands	2012/13(£)	2011/12(£)
Basic rate: 20%:	£0 - 34,370	£0 - 35,000
Higher rate: 40%	£34,370 - £150,000	£35,001 - £150,000
Additional Rate: 50%	£150,000 +	£150,000 +

Income Tax – Personal Allowances	2012/13(£)	2011/12(£)
Personal Allowance – under 65	£8,105	£7,475
Age –Allowance (65-74)	£10,500	£9,940
Age-Allowance (75+)	£10,660	£10,090

(W.E.F 6/4/13 Age allowances will be frozen and new retires after that date will receive no additional personal allowances at all)

Dividends
Basic rate taxpayers	10%	10%
Higher rate taxpayers	32.5%	32.5%
Additional rate taxpayers	42.5%	42.5%

Pre-owned assets tax (£5,000 taxable threshold)	As income	As income

Discretionary and Relevant Property Trusts*
Standard rate band	1,000	1,000
Dividends (rate applicable to trusts - RAT)	42.5%	42.5%
Other income (rate applicable to trusts - RAT)	50%	50%

*from 6/4/2008 A&M trusts can only be created by a parent's will, all other trusts now under the RPT regime.

Interest In Possession Trusts
UK Dividends	10%	10%
Savings, rent and trading	20%	20%

To find out more about how we can help you, please contact Carvill & Johnson in Northfield, Birmingham.