Income Tax
INCOME TAX RATES 2006/07
| 10% on first | £2,150 |
| 22% (20% for savings income) on next | £31,500 |
| 40% on income over | £33,300 |
| Dividends for basic rate taxpayers | 10% |
| Dividends for higher rate taxpayers | 32.5% |
| Trusts: Basic rate band |
£500 |
| Dividends (rate applicable to trusts) | 32.5% |
| Other income (rate applicable to trusts) | 40% |
Main Personal Reliefs and Credits
| Personal basic |
£5,035 |
| Personal (65-74) | £7,280 |
| Personal (75 & over) | £7,420 |
| Married couple's (min) at 10%* | £2,350 |
| Married couple's (under 75) at 10% |
£6,065 |
| Age-related reliefs reduced by 50% of income over | £19,500 |
| Married couple's (75 & over) at 10% | £6,135 |
| Blind person's allowance | £1,660 |
| Rent-a-room tax-free income | £4,250 |
| Venture capital trust (VCT) at 40% | £200,000 |
| Enterprise investment scheme (EIS) at 20% | £400,000 |
| EIS eligible for CGT re-investment relief | No limit |