Budget Summary 2014 - page 3

BUDGET
19 MARCH 2014
page 3
PERSONAL TAXATION
Income tax allowances and reliefs
2014/15
2013/14
Personal (basic)
£10,000
£9,440
Personal allowance reduced by 50% of income over
£100,000
£100,000
Personal if born between 6/4/38 and 5/4/48
£10,500
£10,500
Personal if born before 6/4/38
£10,660
£10,660
Personal if born before 6/4/48 reduced by 50% of income over
£27,000
£26,100
Married couples/civil partners (minimum) at 10%*
£3,140
£3,040
Married couples/civil partners (maximum) at 10%*
£8,165
£7,915
Child benefit charge
1% of benefit for every £100 of income between £50,000–£60,000
Blind person’s allowance
£2,230
£2,160
Rent-a-room tax-free income
£4,250
£4,250
Venture capital trust (VCT) rate of relief
30%
30%
Maximum investment
£200,000
£200,000
Enterprise investment scheme (EIS) rate of relief
30%
30%
Maximum investment
£1,000,000
£1,000,000
EIS eligible for capital gains tax (CGT) deferral relief
No limit
No limit
Seed EIS (SEIS) rate of relief
50%
50%
Maximum investment
£100,000
£100,000
SEIS eligible for CGT reinvestment relief
50%
50%
Registered pension scheme:
• annual allowance
£40,000
£50,000
• lifetime allowance
£1,250,000
£1,500,000
* Where at least one spouse/civil partner was born before 6/4/35.
Income tax rates
2014/15
2013/14
Starting rate of 10% on savings income up to*
£2,880
£2,790
Basic rate of 20% on income up to
£31,865
£32,010
Higher rate of 40% on income
£31,866
£32,011–
£150,000
£150,000
Additional rate on income over £150,000
45%
45%
Dividends for:
• basic rate taxpayers
10%
10%
• higher rate taxpayers
32.5%
32.5%
• additional rate taxpayers
37.5%
37.5%
Trusts:
• standard rate band generally
£1,000
£1,000
• dividends (rate applicable to trusts)
37.5%
37.5%
• other income (rate applicable to trusts)
45%
45%
* Not available if taxable non-savings income exceeds the starting rate band.
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