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B) 2007-2008 Tax Rates
For 2007-2008 the basic tax free allowances for each individual are as follows:-
Income tax £5,225
Capital Gains Tax £9,200
Inheritance Tax £300,000
In addition dividend income from owner managed companies continues to have an "effective income tax free rate". For 2007-2008 this applies to individuals whose gross taxable income from all sources does not exceed £39,825.
Finally may we once again remind all operating through a limited company that any and all monies taken from the company by the shareholders/directors must either be treated as
- salary, expenses reimbursed, or benefits in kind,
- interest on directors loans to the company or
- the withdrawal of such loans.