INCOME TAX RATES AND THRESHOLDS FOR 2012-13
30 November 2011 Following the Autumn Statement yesterday The Treasury have confirmed the income tax rates and thresholds for the 2012-13 tax year. TAX RATES 2011 - 12 2012 - 13 Basic rate: 20% £0 - £35,000 £0 – £34,370
Higher rate: 40%
£35,001 - £150,000
£34,371 – £150,000
Additional rate: 50%
Over £150,000
Over £150,000
INCOME TAX ALLOWANCES
2011 - 12 2012 - 13 Change
Personal allowance Age under 65
£7,475 £9,940 £10,090
£8,105 £10,500 £10,660
£630 £560 £570
Age 65 – 74
Age 75 and over
Married Couples Allowance Maximum amount
£7,295 £2,800
£7,705 £2,960
£440 £160
Minimum amount
Income limit for under 65 personal allowance Income limit for age-related allowances
£100,000 £100,000 £0
£24,000 £1,980
£25,400 £2,100
£1,400
Blind person’s allowance
£120
NATIONAL INSURANCE RATES Class 1 National Insurance Contribution rates 2012-13 Employee (primary)
Employer (secondary)
Earnings per week
NIC rate
Earnings per week
NIC rate
0%
Below £107 (LEL)
0%
Below £144 (ST)
13.8%
£107 to £146 (PT) 0%
Above £144
£146 to £817 (UEL) Above £817
12%
2%
CIPP Policy News Journal
09/10/2012, Page 123 of 234
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