News from Cryer Sandham Limited
Business and financial news
2010-2011 Tax Rates
For 2010-2011 the annual basic tax free allowances have been frozen at the 2009-2010 rates and are for each individual as follows:-
National Insurance £5,720
Income Tax £6,475
Capital Gains Tax £10,100
Inheritance Tax £325,000
The rate of corporation tax; the basic rate of income tax and the higher rate of income tax have remained the same. However there is now a new rate of income tax called the additional rate which is charged at 50% and is applied to taxable income in excess of £150,000. There is also an ‘effective 60% tax rate’ for individuals earning between £100,000 and £112,950.
The above rates and allowances are subject to any change that a ‘new government’ might choose to make.