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Income Tax Rates
Income Tax Rates
Income Tax - taxable bands |
2013/14(£) |
2012/13(£) |
Starting rate: 10%: |
- |
- |
Basic rate: 20%: |
£0 -32,010 |
£0 -34,370 |
Higher rate: 40% |
£32,011 -150,000 |
£34,371 -150,000 |
Additional Rate: 45% |
£150,000 + |
- |
Additional Rate: 50% |
N/A |
£150,000 + |
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*for 2013/14 applicable on savings income only where it is below £2,790., and for 2012/13 below £2,710. |
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Dividends |
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Basic rate taxpayers |
10% |
10% |
Higher rate taxpayers |
32.5% |
32.5% |
Additional rate taxpayers 45% |
37.5% |
- |
Additional rate taxpayers 50% |
N/A |
42.5% |
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Pre-owned assets tax (£5,000 taxable threshold) |
As income |
As income |
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Discretionary and Relevant Property Trusts* |
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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% |
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*from 6/4/2008 A&M trusts can only be created by a parent's will, all other trusts will fall under the RPT regime. |
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Interest In Possession Trusts |
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UK Dividends |
10% |
10% |
Savings, rent and trading |
20% |
20% |