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Personal tax

Income tax rates 2010/11 £
Starting rate 10%* 02,440
Basic rate 20% (dividends 10%) 037,400
Higher rate 40% (dividends 32.5%) 37,401-150,000
Additional rate 50% (dividends 42.5%) Over 150,000
Income tax allowances 2010/11 6,475
Personal allowance (basic) 6,475
Personal allowance reduced by 50% of
income over 		100,000
Personal allowance (age 6574) 9,490
Personal allowance (age 75 and over) 9,640
Married/civil partners’ allowance (75 and over)** 6,965
Married/civil partners’ allowance**
(minimum amount) 		2,670
Agerelated relief reduced by 50% of income over 22,900
Blind person’s allowance 1,890
* There is a starting rate for savings income only. If an individual’s nonsavings taxable income exceeds the starting rate limit, the 10% rate will not be available for savings income.
** Tax relief for the married/civil partners’ allowance is given at the rate of 10%, and is only available where at least one spouse/partner was born before 6 April 1935. 		Rates and allowances
Income tax rates and allowances will not change for the tax year 2010/11 with the personal allowance remaining at £6,475. Other income tax allowances and the income tax bands will also be frozen.

Offshore tax evasion
There will be a new notification requirement for offshore accounts in certain jurisdictions and it will be backed up by a separate penalty regime. The combined penalties for evading tax by using offshore accounts will be up to 200% of unpaid tax.

Clean energy cashback
The Chancellor confirmed that households that use renewable technology to generate electricity mainly for their own use will not be subject to income tax on feedin tariffs.

Salary sacrifice: tax exemption for workplace canteens
The Finance Bill 2010 will include legislation to prevent employees using salary sacrifice or flexible benefit arrangements to meet the cost of free or subsidised meals provided by their employers. The legislation will take effect from 6 April 2011.

saver Remember, if you were born before 6 April 1960, you could invest up to £10,200 this tax year in an ISA. That includes up to £5,100 in a cash ISA. If you are younger, your ISA limit this year is £7,200 and will increase to £10,200 after 5 April 2010.



2009 Pre-Budget Report