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Personal allowances
*Only available where one spouse was born before 6 April 1935 All age allowances are reduced by £1 for every £2 of income over £20,900. Tax rates
Stakeholder An individual can contribute up to £3,600 gross per year into a stakeholder pension. Higher contributions can be paid but they are restricted within the contribution limits which apply to personal pensions. Contribution limits: Tax relief is available on personal pension contributions up to the higher of: • 100% of relevant UK earnings • £3,600 £225,000 is the annual maximum pension contribution into a registered pension scheme and the maximum lifetime allowance for contributions is £1,600,000 Class 1: Employed earners Employees:
*Contributions are treated as paid. Employers:
Class 1A: Employers on benefits in kind: 12.8% Class 1B: Employers on PAYE Settlement Agreements: 12.8% Class 2: Self-employed flat rate: £2.20 per week with exemption if profits are less than £4,635 per year. Class 3: Voluntary: £7.80 per week Class 4: Self employed:
Car benefit
Fuel benefit The value of the fuel benefit for the year is calculated by taking the CO 2 emissions % figure from the above table and multiplying in by £14,400. The fuel benefit charge is proportionately reduced if provision of private fuel ceases part way through the year. The fuel benefit is reduced to nil, only if the employee pays for all the private fuel. Use of the company van A Van is a vehicle designed to carry goods, which weighs less than 3,500kg. The annual van benefit charge if there is any private use (aside from travelling between home and work) is £3,000. In addition the annual private fuel benefit charge is £500. Tax free mileage rates - own vehicle:
Tax free fuel only rates - company car:
In addition employers may pay a tax free allowance of up to 5p per mile per passenger to employees who carry fellow employees on business trips in their own or company cars or vans.
Taper relief
*Non-business assets are treated as having been held for an extra year if they were held on 17 March 1998.
Taxable Estate and gifts in 7 years before death:
Main exemptions:
Charge on gifts within 7 years of death:
All thresholds are reduced by the number of associated companies.
Rates:
Turnover Thresholds:
Land and property:
*Exemption available for property costing up to £150,000 situated in designated disadvantaged and non residential areas Stocks and marketable securities: 0.5% NOTE: THIS SUMMARY IS PUBLISHED AS A GUIDE TO CLIENTS FOR INFORMATION PURPOSES ONLY. IT PROVIDES ONLY A SUMMARY OF THE MAIN 2007/08 RATES AND ALLOWANCES. PLEASE CONTACT YOUR ACCOUNT MANAGER BEFORE TAKING OR REFRAINING FROM ANY ACTION. ANDREW WEBSTER LIMITED WILL ACCEPT NO RESPONSIBILITY FOR ANY ACTIONS TAKEN OR REFRAINED FROM BASED ON THE INFORMATION PROVIDED ON THIS PAGE. |
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