2008/09 Rates and Allowances

With changes in the tax system now an ever-present feature, our up-to-date experience is available to ensure clients' tax liabilities are planned to be at a minimum.

 

You can find an archive here http://www.hmrc.gov.uk/rates/archive.htm

 

This tax year there are the following key changes in the tax rates and tax system:

Starting rate band

From 6 April 2008 there is no 10% starting rate band.

Income tax

• Income tax now 20%

Corporation tax

• Main rate: 28%
• Small companies' rate: 21%

Capital gains tax

• Standard rate: 18%
• Entrepreneurs' relief on £1 million - effective rate: 10%

Capital allowances

• New annual investment allowance for first £50,000: 100%

While there is comprehensive information on our site, as our terms and conditions indicate, this information does not cover all situations or provide advice. Do please contact us for advice.