17:29 19 March 2013
|Until April 5 2013||From April 6 2013||Change|
|Annual allowance||£11,280||£11,520||+ £240|
|Cash element||£5,640||£5,760||+ £120|
|Junior ISA allowance||£3,600||£3,720||+£120|
|Child Trust Fund||£3,600||£3,720||+£120|
Capital gains tax allowance
Changes were made to the rate at which Capital Gains Tax (CGT) is paid in the coalition government's Emergency Budget in 2010. The rates of CGT remain at 18% for non and basic rate taxpayers, while higher and additional rate taxpayers, as well as most trusts, will pay at a rate of 28%. The CGT allowance will increase in line with Consumer Prices Index (CPI) (then 1% in 2014-15).
Pension Scheme - Personal Allowance
As of April 6, 2012 the lifetime allowance for pension savings was reduced by £300,000 from £1.8million to £1.5million and will remain at the same level from April 6, 2013.
For any pension scheme members who have already built up savings in excess of £1.5 million, or have planned to do so as they were unaware that the lifetime allowance would not reduce from the current level, there will be a new form of protection called 'fixed protection'. For more information, click here.
Income Tax - Personal Allowances
|2012-2013||From April 2013||Change|
|Those born after April 5, 1948*||£8,105||£9,440||+£1,335|
|Those born between April 6, 1938 and||£10,500||£10,500||£0|
|April 5, 1948*|
|Those born before April 6, 1938||£10,660||£10,660||£0|
|Married couple's allowance* ^ (for people born before April 6, 1935)||£7,705||£7,915||+£210|
|Married couple's allowance^ (minimum amount)||£2,960||£3,040||+£80|
|Income limit for age-related allowances||£25,400||£26,100||+£700|
|Blind person's allowance||£2,100||£2,160||+£60|
* These allowances may be lower depending on your income. As of 2013-14, an individual's personal allowance will based upon date of birth and income in the tax year. For more information on how age-related allowances work, click here.
Married couple's allowance is given at the rate of 10%. It applies to couples where at least one spouse was born before April 6 1935.
Income: Taxable bands
|Basic Rate 20%||£0 - £34,370||£0 - £32,010|
|Higher Rate 40%||£34,371 - £150,000||£32,010 - £150,000|
|Additional Rate 45% from||Over £150,000||Over £150,000|
|April 6, 2013 (formerly 50%)|
|Rate||Residential in||Residential outside||Non-residential|
|Total value of consideration|
|Zero||£0 - £150,000||£0 - £125,000||£0 - £150,000|
|1%||Over £150,000 -||£125,001 -||Over £150,000 -|
|3%||Over £250,000 -||£250,001 -||Over £250,000 -|
|4%||Over £500,000 to £1million||Over £500,001 to £1million||Over £500,000|
|5%||Over £1million to £2million||Over £1million to £2million||N/A|
|7%||Over £2million||Over £2million||N/A|
|15%||Over £2million bought by||Over £2million bought by||N/A|
|corporate bodies||corporate bodies|
* To find out whether the area you are looking to buy in is classed as disadvantaged, click here.
Please note: Any rates or deals mentioned in this article were available at the time of writing. Click on a highlighted product and apply direct.
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