2012/13 Tax Tables

INCOME TAX

Rates 12/13 11/12Starting rate of 10% on savings income up to* £2,710 £2,560Basic rate of 20% on income up to £34,370 £35,000Higher rate of 40% on income £34,371– £35,001– £150,000 £150,000Additional rate of 50% on income over £150,000 £150,000Dividends for: Basic rate taxpayers 10% 10% Higher rate taxpayers 32.5% 32.5% Additional rate taxpayers 42.5% 42.5%Trusts: Standard rate band generally £1,000 £1,000 Rate applicable to trusts: dividends 42.5% 42.5% other income 50% 50%Child benefit charge from 7 January 2013:1% of benefit for every £100 of income over £50,000 N/A*Not available if taxable non-savings income exceeds the starting rate band.

Main Personal Allowances and ReliefsPersonal (basic) £8,105 £7,475Personal allowance reduced by 50% of income over £100,000 £100,000Personal (65–74) £10,500 £9,940Personal (75 & over) £10,660 £10,090Married/civil partners (minimum) at 10%† £2,960 £2,800Married/civil partners (maximum) at 10%† £7,705 £7,295Age-related reliefs, excess over basic relief reduced by 50% of income over £25,400 £24,000†Where at least one spouse/civil partner was born before 6/4/1935.

Venture Capital Trust Rate of tax relief 30% 30%Maximum investment £200,000 £200,000

Enterprise Investment Scheme (EIS) Rate of tax relief 30% 30%Maximum investment £1,000,000 £500,000 EIS capital gains deferral relief No limit No limitSeed EIS (SEIS) at 50% £100,000 N/ASEIS eligible for CGT reinvestment exemption £100,000 N/ANon-domicile Remittance Basis Charge For adult non-UK domiciliary after UK residence in:At least 7 or more of the previous 9 tax years £30,000 £30,000At least 12 or more of the previous 14 tax years £50,000 £30,000

REGISTERED PENSIONS

12/13 11/12Lifetime allowance £1,500,000 £1,800,000Annual allowance £50,000 £50,000Max. pension commencement lump sum 25% of pension benefit valueLifetime allowance charge if excess drawn as cash 55%/income 25% Annual allowance charge on excess 20%–50%Maximum relievable personal contribution: 100% of relevant UK earnings or £3,600, but subject to the annual allowance.

NATIONAL INSURANCE CONTRIBUTIONS

Class 1 Employed Not Contracted-Out of State Second Pension (S2P)2012/13 Employee EmployerNIC rate 12% 13.8%No NICs on the first £146 pw £144 pwNICs charged at 12%/13.8% up to £817 pw No limit2% NIC on earnings over £817 pw N/ACertain married women 5.85% 13.8%Contracted-Out Rebate On £107.01–£770 pwSalary-related scheme 1.4% 3.4%Money-purchase scheme N/A N/APersonal pension N/A N/ALimits and Thresholds Weekly Monthly AnnualLower earnings limit £107 £464 £5,564Secondary earnings £144 £624 £7,488Primary earnings £146 £634 £7,605Upper accrual point £770 £3,337 £40,040 Upper earnings limit £817 £3,540 £42,475Class 1A EmployerOn car and fuel benefits and most other taxable benefits 13.8%Self-EmployedClass 2 Flat rate £2.65 pw £137.80 paSmall earnings exception £5,595 paClass 4 On profits £7,605–£42,475 pa 9% Over £42,475 pa 2%Class 3 Voluntary Flat rate £13.25 pw £689.00 pa

BASIC STATE PENSION

12/13 Weekly AnnualSingle person £107.45 £5,587.40 Spouse’s/civil partner’s* £64.40 £3,348.80 Total married pension* £171.85 £8,936.20*For pensions which started before 6 April 2010.

Pension Credit – standard minimum guarantee 12/13 Single £142.70 £7,420.40Couple £217.90 £11,330.80

STAMP DUTIES

Stamp Duty Land Tax based on consideration 12/13Residential Rate£125,000 or less* NilOver £125,000* up to £250,000 1%Over £250,000 up to £500,000 3%Over £500,000 up to £1,000,000 4%Over £1,000,000 up to £2,000,000 5%Over £2,000,000 7%†

*£150,000 for property in disadvantaged areas. †15% if purchased by a non-natural entity, e.g. company.

Commercial£150,000 or less NilOver £150,000 up to £250,000 1%Over £250,000 up to £500,000 3%Over £500,000 4%Stamp Duty (including SDRT): Stocks and marketable securities if the duty exceeds £5 0.5%

INDIVIDUAL SAVINGS ACCOUNTS

Limits 12/13 11/12Cash ISA £5,640 £5,340Stocks & shares ISA (balance to) £11,280 £10,680Junior ISA £3,600 £3,600

CAPITAL GAINS TAX

Tax Rates – Individuals 12/13 11/12 Up to basic rate limit 18% 18%Above basic rate limit 28% 28%Tax Rates – Trusts and Estates 28% 28%Exemptions Individuals, estates, etc £10,600 £10,600Trusts generally £5,300 £5,300Chattels proceeds (restricted to 5⁄3 proceeds exceeding limit) £6,000 £6,000Entrepreneurs’ Relief Gains taxed at 10% 10%Lifetime limit £10,000,000 £10,000,000For trading businesses and companies (minimum 5% employee/director share-holding) held for one year or more.

INHERITANCE TAX

12/13 11/12Nil-rate band* £325,000 £325,000Rate of tax on excess 40%† 40%Lifetime transfers to and from certain trusts 20% 20%Relief for businesses, unlisted and AIM companies, certain farmland/buildings 100% 100%Relief for certain other business assets 50% 50%Exemption for overseas domiciled spouse/civil partner £55,000 £55,000Reduced tax charge on gifts within 7 years of deathYears before death 0–3 3–4 4–5 5–6 6–7% of death tax charge 100 80 60 40 20Annual exempt gifts £3,000 per donor £250 per donee*Up to 100% of the unused proportion of a deceased spouse’s/civil partner’s nil-rate band can be claimed on the survivor’s death. †36% where at least 10% of net estate left to charity for death after 5/4/12.

CORPORATION TAX

Effective rate to 31/3/13 31/3/12Profits £0–£300,000 20% 20%£300,001–£1,500,000 25% 27.5%£1,500,001 and over 24% 26%

VALUE ADDED TAX

Standard rate from 4/1/11 20%Reduced rate, e.g. on domestic fuel 5%Registration level from 1/4/12 £77,000Deregistration level from 1/4/12 £75,000Flat rate scheme turnover limit £150,000Cash and annual accounting schemes turnover limit £1,350,000

CARS AND CAR BENEFITS

Taxable amount based on car’s list price when new. Charge varies according to CO2 emissions in grams per kilometre.

C02 Emissions g/km Petrol engine % Diesel engines %

75 or less 5 8 76–99 10 13100–104 11 14105–109 12 15110–114 13 16115–119 14 17120–124 15 18125–129 16 19130–134 17 20135–139 18 21140–144 19 22145–149 20 23150–154 21 24155–159 22 25160–164 23 26165–169 24 27170–174 25 28175–179 26 29180–184 27 30185–189 28 31190–194 29 32195–199 30 33200–204 31 34205–209 32 35210–214 33 35215–219 34 35

220 & over 35 35

There is no taxable benefit in respect of zero emission (e.g. electric-only) cars.

Fuel Benefits – taxable amount for private use Multiply the CO2% used for the car benefit by £20,200 Min. charge at 5%: £1,010 Max. charge at 35%: £7,070

VANS – TAXABLE AMOUNTS FOR PRIVATE USE

Van: £3,000 Fuel: £550No charge if private use is limited to journeys between home and work. No charge on zero emissions vans including electric only.

TAX-FREE MILEAGE ALLOWANCE – OWN VEHICLE

Cars Up to 10,000 business miles: 45p per mile Over 10,000 business miles: 25p per mileMotorcycles 24p per business mileBicycles 20p per business mile

USEFUL RATES

Per week unless stated otherwiseAttendance AllowanceHigher rate £77.45 Lower rate £51.85Carer’s Allowance £58.45Employment and Support Allowance (new claims from 27/10/08)13 week assessment phase (per week)Aged under 25: up to £56.25 Aged 25 or over: up to £71.00From week 14 after Work Capability Assessment if eligible (per week)In Work Related Activity Group up to £99.15In Support Group up to £105.05

Incapacity Benefit – under state pension age (claims before 27/10/08)Short-term lower rate £74.80Short-term higher rate £88.55Long-term basic rate £99.15

Statutory Pay RatesAverage weekly pay £107 or overSick (SSP) – weekly rate £85.85Maternity (SMP)First 6 weeks – 90% of average weekly payNext 33 weeks – 90% of average weekly pay subject to a maximum of £135.45

Ordinary and Additional Paternity (OSPP) and (ASPP) 90% of average weekly pay subject to a maximum of £135.45

Adoption (SAP) – 39 weeks90% of average weekly pay subject to a maximum of £135.45

Jobseeker’s Allowance – contribution basedAged under 25 £56.25 Aged 25 or over £71.00

National min. wage (hourly) From1/10/12 From 1/10/11-30/9/12 Aged 21 and over £6.19 £6.08Aged 18 – 20 £4.98 £4.98

MAIN DUE DATES FOR TAX PAYMENTS

Income Tax and Capital Gains Tax – Self-Assessment31 Jan in tax year • Normally 50% of previous year’s income tax,Following 31 July less tax deducted at sourceFollowing 31 Jan • Balance of income tax and all CGT

Inheritance Tax On death: normally 6 months after month of deathLifetime transfer 6 April–30 September: 30 April in following yearLifetime transfer 1 October–5 April: 6 months after month of transfer

Corporation Tax Self-Assessment: 9 months after accounting period• Payable by instalments where profits are £1.5m or over. Normally payable in 7th, 10th, 13th and 16th months after start of accounting period.• Growing companies: no instalments where profits are £10m or less and the company was small or medium size for the previous year.

© Copyright 21 March 2012. Subject to Finance Act 2012.For information only. Always seek professional advice before acting.

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Murphy Salisbury based in Stratford upon Avon is one of the largest firms of Chartered Accountants in Warwickshire serving clients across the country.

Our practice has 3 partners and 36 staff and was established in 1976. We act for a wide range of business and private clients.

Our aim is to provide a quality service to our clients by being cost effective and adding value.

Our services include:

• Accountancy and Business Advice• Auditing• Business Transactions• Tax Planning and Advice• Tax Compliance• Payroll Services• IT Services and Software• Financial Planning and Wealth

Management

MURPHY SALISBURY CHARTERED ACCOUNTANTS15 Warwick Road • Stratford upon Avon • Warwickshire • CV37 6YW

tel: 01789 299076 • fax: 01789 414475enq@murphysalisbury.com • www.murphysalisbury.com