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ABDS - Tax Tables 2013/14 Part 2

ABDS - Tax Tables                                                                   2013/14                      2012/13

Child tax credit   

Family element                                                                         545                              545
Family element, baby addition                                               Nil                                Nil
Child element                                                                            2,720                          2,690
Disabled child element                                                           3,015                          2,950
Severely disabled child element                                           1,220                          1,190

Income threshold and withdrawal rates   

First income threshold                                                           6,420                           6,420
First withdrawal rate                                                                41.00%                       41.00%
Second income threshold                                                     Withdrawn                 Withdrawn
Second withdrawal rate                                                          Withdrawn                Withdrawn  
First threshold for those entitled to Child tax credit only    15,910                      15,860
Income rise disregard                                                              5,000                        10,000
Income fall disregard                                                                2,500                         NA

Child benefit/Guardian's allowance rates   

Eldest/only child                                                                         20.30                       20.30
Other children                                                                             13.40                      13.40
Guardian's allowance                                                               15.90                      15.55

A new income tax charge will apply to taxpayers with income exceeding £50,000 in a tax year, when child benefit is also
received by them or their partner.  The charge will reduce the financial benefit of receiving child benefit for those with
income between £50,000 and £60,000 and remove it completely for taxpayers with income above £60,000.


Inheritance tax

Single persons nil rate band                                                   1 - 325,000            1 - 325,000
Single persons 40% band                                                       over 325,000         over 325,000
Married couples or civil partnerships allowance                 650,000                 650,000
nil rate band

Overseas domiciled spouse exemption                                325,000                55,000
Gifts to charities      Exempt   Exempt
Small gifts to same person                                                       250                        250
Marriage/civil partnership gifts by:   
      Parent                                                                                      5,000                     5,000
     Grandparent/party                                                                   2,500                    2,500
     Other person                                                                           1,000                    1,000

Business Property Relief   

Business or interest in a business and transfers of
unquoted shareholdings                                                           100%                   100%
Transfers out of a controlling shareholding in quoted
companies, land and buildings,plant and machinery
used in a qualifying company of partnership                         50%                      50%


Taxation of trusts   

Trust tax rate excluding dividend income                                45%                     50.00%
Dividend trust rate                                                                        37.50%               42.50%
Basic rate trust income tax band                                               1,000                  1,000
    
Corporation tax   

Normal main rate (profits above £1,500,000)                         23.00%             24.00%
Small companies rate (profits below £300,000)                    20.00%            20.00%
Margin relief fraction                                                                     3/400                1/100

Capital Allowances

Main writing down allowance                                                      18%                 18%
Special rate writing down allowance                                           8%                  8%
Annual Investment Allowance (From 01.01.13 for 2 years)    250,000          25,000
First year allowances for certain
energy-saving/water efficient products                                      100%              100%

VAT

Standard rate (increased to 20% from 4 January 2011)            20%               20%
Registration threshold                                                                      79,000           77,000
Deregistration threshold                                                                  77,000           75,000
Cash accounting scheme                                                               1,350,000      1,350,000
Annual accounting scheme                                                             1,350,000     1,350,000
Flat rate scheme                                                                                150,000        150,000
Flat rate scheme exit threshold                                                       230,000        230,000

The standard rate increased to 20% from 4 January 2011

Stamp duty land tax (SDLT)
0% residential                                                                      0 - 125,000                              0 - 125,000
1% residential                                                                     125,001 - 250,000                  125,001 - 250,000
3% residential                                                                      250,001 - 500,000                 250,001 - 500,000
4% residential                                                                      500,001 - 1,000,000             500,001 - 1,000,000
5% residential                                                                    1,000,001 - 2,000,000           1,000,001 - 2,000,000
7% residential                                                                     over 2,000,000                        over 2,000,000
0% non-residential                                                              1 - 150,000                            0 - 150,000
1% non-residential                                                              50,001 - 250,001                  150,001 - 250,000
3% non-residential                                                               250,001 - 500,001               250,001 - 500,000
4% non-residential                                                               500,001 - 1,000,000           over 500,000
5% non-residential                                                              1,000,000 - 2,000,000 
7% non-residential  From 22 March 2012                      over 2,000,000 


Stamp duty on shares and marketable securities remains at 0.5% for 2013/14.


Insurance Premium Tax
Standard rate                                                                          6.0%                                       6.0%
Higher rate                                                                              20.0%                                    20.0%


If you need any help and advice on the implications of the 2013 Taxation changes contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can helpABDS Chartered Certified Accountants of Southampton.
For all of your Financial and Business Development requirements
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Great with People  Brilliant with Numbers Clear and Precise with Words

 

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