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Income Tax

Rates 2008/09 2007/08
     
Starting rate of 10% on first £2,320* £2,230
Income to which starting rate applies Savings All
Basic rate on earned, pensions and property income 20% 22%
Basic rate on savings income 20% 20%
 
Higher rate of 40% on income over £36,000 £34,600
 
Dividends for: basic rate taxpayers
higher rate taxpayers
10%
32.5%
10%
32.5%
 
Trusts: standard rate band generally
dividends (rate applicable to trusts)
other income (rate applicable to trusts)
£1,000
32.5%
40%
£1,000
32.5%
40%
 
Pre-owned assets tax (£5,000 minimum taxable) As income

*Only applicable where taxable non-savings income is under £2,320

 

 


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Independent Financial Adviser

The Financial Consultancy UK Limited is Authorised and Regulated by The Financial Services Authority