Tax Tables 2014 - page 4

TAX-FREE SAVINGS
Limits
14/15
To 30/6/14
ISA (max £5,940 cash)
£11,880
Junior ISA and Child Trust Fund (CTF)
£3,840
From 1/7/14 New ISA (balance to)
£15,000
Junior ISA and CTF (balance to)
£4,000
CAPITAL GAINS TAX
Tax Rates – Individuals
14/15
13/14
Gains to basic rate limit
18%
18%
Gains above basic rate limit
28%
28%
Tax Rate – Trusts and Estates
28%
28%
Exemptions
Individuals, estates, etc
£11,000
£10,900
Trusts generally
£5,500
£5,450
Chattels exemptions: proceeds up to
£6,000
£6,000
Max. chargeable gains
5
3
rds of excess proceeds over limit
Entrepreneurs’ Relief*
Gains taxed at 10% up to lifetime
limit of
£10,000,000 £10,000,000
*For trading businesses and companies (minimum 5% employee/director
shareholding) held for one year or more.
INHERITANCE TAX
14/15
13/14
Nil-rate band*
£325,000
£325,000
Rate of tax on excess
40%
40%
Lifetime transfers to and from certain trusts 20%
20%
100% relief: businesses, unlisted and AIM companies, certain
farmland/buildings
50% relief: certain other business assets e.g. farmland let before 1/9/95
Exemption for overseas domiciled
spouse/civil partner
£325,000
£325,000
Annual exempt gifts of: £3,000 per donor £250 per donee
Reduced tax charge on gifts within 7 years of death
Years before death
0–3 3–4 4–5 5–6 6–7
% of death tax charge
100 80 60 40 20
*Up to 100% of the unused proportion of a deceased spouse’s/civil partner’s
nil-rate band can be claimed on the survivor’s death.
36% where at least 10% of net estate left to charity.
CORPORATION TAX
Effective rate to
31/3/15
31/3/14
Profits
£0–£300,000
20%
20%
Profits
£300,001–£1,500,000
21.25%
23.75%
Profits
£1,500,001 and over
21%
23%
VALUE ADDED TAX
Standard rate 20% Reduced rate, e.g. on domestic fuel
5%
Registration level from 1/4/14
£81,000
Deregistration level from 1/4/14
£79,000
Flat rate scheme turnover limit
£150,000
Cash and annual accounting schemes turnover limit
£1,350,000
1,2,3 5,6,7,8
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