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Nadeem
Veteran Investor
Joined: 11 Jul 2004
Posts: 639
Cash Points ££ 13955.74
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 Posted: Tue May 23, 2006 10:00 pm Post subject: Tax Allowances and rates for 2006 |
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Here are the tax allowances and rates for the tax year April 2006 to March 2007.
Rates and Allowances - Income TaxIncome Tax Allowances Income tax allowances 2005-06 (£) 2006-07 (£)
Personal allowance 4 895 5 035
Personal allowance for people aged 65-74 7 090 7 280
Personal allowance for people aged 75 and over 7 220 7 420
Income limit for age-related allowances 19 500 20 100
Married couple's allowance for people born before 6 April 1935 5 905 6 065
Married couple's allowance - aged 75 or more 5 975 6 135
Minimum amount of married couple's allowance 2 280 2 350
Blind person's allowance 1 610 1 660
The rate of relief for the continuing married couple's allowance and maintenance relief for people born before 6 April 1935, and for the children's tax credit, is 10%.
Taxable Bands Taxable Bands Allowances 2005-06 (£) 2006-07 (£)
Starting rate 10% 0 - 2,090 0 - 2,150
Basic rate 22% 2,091 - 32,400 2,151 - 33,300
Higher rate 40% Over 32,400 over 33,300
National Insurance ContributionsNational Insurance - Rates and Allowances £ per week 2005-06 2006-07
Lower earnings limit, primary Class 1 £82 £84
Upper earnings limit, primary Class 1 £630 £645
Primary threshold £94 £97
Secondary threshold £94 £97
Employees’ primary Class 1 rate between primary threshold and upper earnings limit 11% 11%
Employees’ primary Class 1 rate above upper earnings limit 1% 1%
Employees’ contracted-out rebate 1.6% 1.6%
Married women’s reduced rate between primary threshold and upper earnings limit 4.85% 4.85%
Married women’s rate above upper earnings limit 1% 1%
Employers’ secondary Class 1 rate above secondary threshold 12.8% 12.8%
Employers’ contracted-out rebate, salary-related schemes 3.5% 3.5%
Employers’ contracted-out rebate, money-purchase schemes 1% 1%
Class 2 rate £2.10 £2.10
Class 2 small earnings exception £4,345 per year £4,465 per year
Special Class 2 rate for share fishermen £2.75 £2.75
Special Class 2 rate for volunteer development workers £4.10 £4.20
Class 3 rate £7.35 £7.55
Class 4 lower profits limit £4,895 per year £5, 035 per year
Class 4 upper profits limit £32,760 per year £33, 540 per year
Class 4 rate between lower profits limit and upper profits limit 8% 8%
Class 4 rate above upper profits limit 1% 1% |
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housebuyer
Money Saver
Joined: 02 May 2005
Posts: 81
Cash Points ££ 2815.22
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| Posted: Fri May 26, 2006 1:18 am Post subject: |
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the table could have done with some formatting  |
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Sarah
Money Manager
Joined: 16 Jul 2004
Posts: 831
Cash Points ££ 12024.38
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| Posted: Sat May 27, 2006 10:40 pm Post subject: |
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The main key points are -
Starting rate 10% up to £2,090
Basic rate 22% from £2,091 to £32,400
Higher rate 40% over £32,400
NI is 11% |
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