Tax Tables 2014 - page 3

NATIONAL INSURANCE CONTRIBUTIONS
Class 1 Employed Not Contracted-Out of State Second Pension (S2P)
14/15
Employee
Employer
NICs rate
12% 13.8%
No NICs on the first
£153 pw £153 pw
NICs charged up to
£805 pw
No limit
2% NICs on earnings over
£805 pw
N/A
Certain married women
5.85% 13.8%
Employment Allowance per business
Offset against employer’s Class 1 NICs
£2,000
Contracted-Out Rebate On
£111–£770 pw
1.4%
3.4%
Limits and Thresholds
Weekly
Monthly
Annual
Lower earnings limit
£111
£481
£5,772
Secondary earnings threshold £153
£663
£7,956
Primary earnings threshold
£153
£663
£7,956
Upper accrual point
£770
£3,337 £40,040
Upper earnings limit
£805
£3,489 £41,865
Class 1A Employer
On most taxable benefits provided to P11D
employees and directors:
13.8%
Self-Employed Class 2
Flat rate
£2.75 pw £143.00 pa
Self-Employed
Small earnings exception
£5,885 pa
Self-Employed Class 4
On profits £7,956–£41,865 pa
9%
Over £41,865 pa
2%
Class 3 Voluntary
Flat rate
£13.90 pw £722.80 pa
BASIC STATE PENSION
14/15
Weekly
Annual
Single person
 £113.10 £5,881.20
Spouse/civil partner
 £67.80 £3,525.60
Pension Credit – standard minimum guarantee
Single
£148.35
£7,714.20
Couple
£226.50 £11,778.00
STAMP DUTIES
Residential Stamp Duty Land Tax based on consideration Rate 14/15
£125,000 or less
Nil
Over £125,000 up to £250,000
1%
Over £250,000 up to £500,000
3%
Over £500,000 up to £1,000,000
4%
*
Over £1,000,000 up to £2,000,000
5%
*
Over £2,000,000
7%
*
* 15% if purchased by companies and certain other non-natural entities.
Commercial Stamp Duty Land Tax based on consideration
£150,000 or less
Nil
Over £150,000 up to £250,000
1%
Over £250,000 up to £500,000
3%
Over £500,000
4%
Stamp Duty and SDRT:
Stocks and marketable securities
0.5%
No charge to stamp duty unless amount due exceeds £5.
1,2 4,5,6,7,8
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