Tax Allowances
(last updated 28/08/2013)
Tax Allowances 2013 - 2014
| 2013-14 (£) | 2012-13 (£) | Increase (£) | |
| Income tax allowance: | |||
Personal Allowance (1) |
N/A | 8,105 | - |
| Personal Allowance for people born after 5 April 1948 (1) | 9,440 | N/A | - |
Income limit for Personal Allowance |
100,000 | 100,000 | 0 |
Personal Allowance for people aged 65-74 (1) (2) |
N/A |
10,500 | - |
| Personal Allowance for people born between 6 April 1938 and 5 April 1948 (1) (2) |
10,500 |
N/A |
- |
Personal Allowance for people aged 75 and over (1) (2) |
N/A | 10,660 | - |
| Personal Allowance for people born before 6 April 1938 (1) (2) | 10,660 | N/A | - |
Maximum amount of Married Couple's Allowance (born before 6th April 1935) (2) (3) |
7,915 | 7,705 | 210 |
Income limit for age-related allowances |
N/A | 25,000 | - |
| Income limit for the allowances for those born before 6 April 1948 | 26,100 | N/A | - |
Minimum amount of Married Couple's Allowance |
3,040 | 2,960 | 80 |
Blind Person's Allowance |
2,160 | 2,100 | 60 |
| Capital gains tax annual exempt amount: | |||
| Individuals etc | 10,900 | 10,600 | 300 |
| Other trustees | 5,450 | 5,300 | 150 |
| Inheritance tax threshold | 325,000 | 325,000 | 0 |
| Pensions Annual Allowance from Apr 06 | 50,000 | 50,000 | 0 |
| VAT Registration Threshold | 79,000 | 77,000 | 2,000 |
Taxable bands 2013-14 (£)
| Basic rate 20% | 0 - 32,010 |
| Higher rate 40% | 32,011 - 150,000 |
Corporation tax on profits 2013 (£)
| Small profits rate | 20% |
| Small profits rate can be claimed by qualifying companies with profits at a rate not exceeding | 300,000 |
| Marginal Relief Lower Limit | 300,000 |
| Marginal Relief Upper Limit | 1,500,000 |
| Standard fraction | 3/400 |
| Main rate of Corporation Tax | 23% |
| Special rate for unit trusts and open-ended investment companies | 20% |