Tax Tables
Income Tax
| 2007 - 08 | |
| Starting rate band to | £2,230 |
| Tax rate | 10% |
| Basic rate band - next | £32,370 |
| Non-saving rate | 22% |
| Savings rate | 20% |
| UK dividend rate | 10% |
| Higher rate - income over | £34,600 |
| Higher tax rate | 40% |
| UK dividened rate | 32.5% |
Allowances that Reduce Taxable Income
| Personal allowances (PA) | - under 65 | £5,225 |
| 65 to 74 | £7,550 | |
| 75 and over | £7,690 | |
| The age-realted allowances are progressively withdrawn if income exceeds | £20,900 | |
| Minimum PA | £5,225 | |
| Minimum married Couple's Allowance (MCA) tax reduction | £244 | |
| Ages are as at the end of the tax year | ||
Tax Shelters
| Enterprise Investment Scheme up to | £400,000 |
| Venture Capital Trust up to | £200,000 |
| "Rent a Room" exempt on gross annual rent | £4,250 |
| Construction Industry Scheme deduction rate | 20/30% |
