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- Tax rates for 2008/09
Tax rates for 2008/09
- Created:
- 13 March 2008
- Written by:
- Jonathan Eley
Following the 2008/09 Budget on 12 March 2008, various rates of personal taxation have changed. Below are some tables summarising the main changes. At the foot of the table is a link to a more comprehensive PDF version of the tables.
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This file is the same as the table that appeared on page 17 of the 17-23 March issue of Investors Chronicle.
Key tax allowances
| Allowance | 2008-09 (£) | 2007-08 (£) |
|---|---|---|
| Personal allowance (under 65) | 5,435 | 5,225 |
| Personal allowance (65-74) | 9,030 | 7,550 |
| Personal allowance (75+) | 9,180 | 7,690 |
| Income limit for age-related allowances | 21,800 | 20,900 |
| Married couple's allowance (under 75) | 6,535 | 6,285 |
| Married couple's allowance (75 or over) | 6,625 | 6,365 |
| Blind person's allowance | 1,800 | 1,730 |
| Capital gains tax exempt amount - individuals | 9,600 | 9,200 |
| Capital gains tax exempt amount - trustees | 4,800 | 4,600 |
| Inheritance tax threshold | 312,000 | 300,000 |
| Pension scheme annual allowance | 235,000 | 225,000 |
| Pension scheme lifetime allowance | 1,650,000 | 1,600,000 |
Income tax bands
| Rate | 2008-09 | 2007-08 | ||
|---|---|---|---|---|
| From | To | From | To | |
| Basic rate: 20 per cent | 0 | 36,000 | 2,231 | 34,600 |
| Higher rate: 40 per cent | 36,001 | no limit | 34,601 | no limit |
Note that the 10 per cent band, which previously applied to earnings from 0 to £2,230, has been scrapped, and the basic rate reduced to 20 per cent from 22. These changes were announced in the 2007 Budget.
Stamp duty bands 2008/09
| Rate | Residential | Disadvantaged areas | Non-residential | |||
|---|---|---|---|---|---|---|
| From | To | From | To | From | To | |
| Zero | 0 | 125,000 | 0 | 150,000 | 0 | 150,000 |
| 1% | 125,001 | 250,000 | 150,001 | 250,000 | 150,001 | 250,000 |
| 3% | 250,001 | 500,000 | 250,001 | 500,000 | 250,001 | 500,000 |
| 4% | 500,001 | no limit | 500,001 | no limit | 500,001 | no limit |
DOWNLOAD FULL TABLE:
For a full version of these tables, showing the £ and percentage changes from the previous year, as well as full details of NI contributions and thresholds and working tax/family tax credits, see our Budget 2008 summary table. You'll need Acrobat Reader to view this.
For full analysis of the 2008 Budget, see our Budget Summary.
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