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Tax Rates

UK Income Tax rates and bands

Income Tax rates and taxable bands
	2009-10	2010-11	2011-12
Starting rate for savings: 10%*	£0-£2,440	£0-£2,440	£0-£2,560
Basic rate: 20%	£0-£37,400	£0-£37,400	£0-£35,000
Higher rate: 40%	Over £37,400	Over £37,400-£150,000	£35,001-£150,000
Additional rate: 50%	Not applicable	Over £150,000	Over £150,000

* From 2008-09 there is a 10 per cent starting rate for savings income only. If your non-savings income is above this limit then the 10 per cent starting rate for savings will not apply.

The rates available for dividends for the 2008-09 and 2009-10 tax years are the 10 per cent ordinary rate and the 32.5 per cent dividend upper rate. For the 2010-11 tax year, as well as these rates there is a new dividend additional rate of 42.5 per cent.

UK Corporation Tax

Rates for financial years starting on 1 April

	2008	2009	2010	2011
Small Profits Rate*	21%*	21%*	21%*	20%
Small Profits Rate can be claimed by qualifying companies with profits at a rate not exceeding	£300,000	£300,000	£300,000
Marginal Relief Lower Limit	£300,000	£300,000	£300,000
Marginal Relief Upper Limit	£1,500,000	£1,500,000	£1,500,000
Standard Fraction	7/400	7/400	7/400
Main rate of Corporation Tax	28%*	28%*	28%*	27%*
Special rate for unit trusts and open-ended investment companies	20%	20%	20%

The main rate of Corporation Tax applies when profits (including ring fence profits) are at a rate exceeding £1,500,000, or where there is no claim to another rate, or where another rate does not apply.

* For companies with ring fence profits (income and gains from oil extraction activities or oil rights in the UK and UK Continental Shelf) these rates differ. The small profits rate of tax on those profits is 19 per cent and the MSCR fraction is 11/400 for financial years starting 1 April 2008, 2009 and 2010. The main rate is 30 per cent for financial years starting on 1 April 2009, 2010 and 2011.

These rates are provided by the relevant tax authorities and published here by Brian McCullagh & Co., Accountants in Newry, Co Down.

UK Capital Gains Tax

Rates for Capital Gains Tax

2010-11

For gains on or before 22 June 2010, Capital Gains Tax is charged at a flat rate of 18 per cent.

The following Capital Gains Tax rates apply to gains after this date:

18 per cent and 28 per cent tax rates for individuals (the tax rate you use depends on the total amount of your taxable income, so you need to work this out first )
28 per cent for trustees or for personal representatives of someone who has died
10 per cent for gains qualifying for Entrepreneurs' Relief (i.e. gain on an allowable business asset)

If you are not sure if your asset is an allowable business asset contact us on 028 3025 6100.

2009-10

Capital Gains Tax is charged at a flat rate of 18 per cent
Effective 10 per cent for gains qualifying for Entrepreneurs' Relief (i.e. gain on an allowable business asset)

2008-09

Capital Gains Tax is charged at a flat rate of 18 per cent
Effective 10 per cent for gains qualifying for Entrepreneurs' Relief (i.e. gain on an allowable business asset)

2007-08 and earlier years

Before 6 April 2008, ‘personal representatives’ or executors dealing with the estate of a deceased person and most trustees paid Capital Gains Tax at a single rate of 40 per cent. Everyone else paid Capital Gains Tax at a variable rate (eg 10 per cent, 20 per cent and 40 per cent) based on the amount of their income and gains

ROI Tax Rates and Tax Bands

UK Income Tax rates and bands

UK Corporation Tax

UK Capital Gains Tax

Rates for Capital Gains Tax

2010-11

2007-08 and earlier years

For ROI Tax rates and bands please see the ROI Revenue website by clicking here...