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 2006/2007 Tax Information Sheet
| Income Tax Allowances & Rates | 2006/07 | 2005/06 |
 | £ | £ |
| Personal Allowance (<65) | 5,035 | 4,895 |
| Personal Allowance (65 to 74) | 7,280 | 7,090 |
| Personal Allowance (>74) | 7,420 | 7,220 |
| Capital Gains Tax Annual Exemption | 8,800 | 8,500 |
| Married Couples' Allowance (65 to 74) * | 6,065 | 5,905 |
| Married Couples' Allowance (>74) | 6,135 | 5,975 |
| Maximum Income before abatement of age related reliefs | 20,100 | 19,500 |
| Blind Person's Allowance | 1,660 | 1,610 |
Pension Schemes Earnings Cap
Pension Scheme Annual Allowance
Pension Scheme Lifetime Allowance | N/A
215,000
1.5m | 105,600
N/A
N/A |
| Rent-a-Room Relief | 4,250 | 4,250 |
| Inheritance Tax Threshold | 285,000 | 275,000 |
| * No relief available for Married Couples born before 6th April 1935 | | |
| Tax Bands & Rates - Income Tax | 2006/07 | 2005/06 |
| £ | £ |
| Income excluding dividends and other investment income | | |
| Lower Rate Band (£) | Up to 2,150 | Up to 2,090 |
| Lower Rate | 10% | 10% |
| | |
| Basic Rate Band (£) | 2,151 to 33,300 | 2,091 to 32,400 |
| Basic Rate | 22% | 22% |
| | |
| Higher Rate Band (£) | Over 33,300 | Over 32,400 |
| Higher Rate | 40% | 40% |
| | |
| Dividends and other investment income | | |
| Lower Rate Band (£) | Up to 33,300 | Up to 32,400 |
| Lower Rate | 10% | 10% |
| | |
| Higher Rate Band (£) | Over 33,300 | Over 32,400 |
| Higher Rate | 32.5% | 32.5% |
| There is a 10% tax credit attached to dividends from 6/4/99 even though ACT is abolished from that date | | |
| Tax Bands & Rates - Corporation Tax | 2006/07 | 2005/06 |
| £ | £ |
| Starting Rate (Abolished from 1st April 2006) | N/A | 0% |
| On profits chargeable to CT up to | N/A | 10,000 |
| | |
| Lower Marginal Rate | N/A | 23.75% |
| On profits chargeable to CT over | N/A | 10,000 |
| On profits chargeable to CT up to | N/A | 50,000 |
| | |
| Small Companies Rate (SCR) | 19% | 19% |
| On profits chargeable to CT over | 0 | 50,000 |
| On profits chargeable to CT up to | 300,000 | 300,000 |
| | |
| Upper Marginal Rate | 32.75% | 32.75% |
| On profits chargeable to CT over | 300,000 | 300,000 |
| On profits chargeable to CT up to | 1.5m | 1.5m |
| | |
| Standard Rate | 30% | 30% |
| On profits chargeable to CT over | 1.5m | 1.5m |
| | |
| * The 19% non-corporate distribution rate & starting rate to be repealed from 1st April 2006. | | |
| Value Added Tax | 2006/07 | 2005/06 |
| Registration Threshold | £61,000 | £60,000 |
| Standard Rate | 17.5% | 17.5% |
| Lower Rate | 5% | 5% |
| Zero Rate | 0% | 0% |
VAT Flat Rate Scheme
The scheme is open to small businesses whose annual taxable turnover (not including VAT) does not exceed £150,000 and whose total turnover (including the value of exempt and non-taxable income but not including VAT) does not exceed £187,500 a year.
Stamp taxes & Duties
Transfers of Land & Buildings (consideration paid)
| Rate | Residential in disadvantaged areas | Residential outside disadvantaged areas | Non – Residential |
| 0% | £0 - £150,000 | £0 - £125,000 | £0 - £150,000 |
| 1% | Over 150,000 - £250,000 | Over £125,000 - £250,000 | Over £150,000 - £200,000 |
| 3% | Over £250,000 - £500,000 | Over £250,000 - £500,000 | Over £250,000 - £500,000 |
| 4% | Over £500,000 | Over £500,000 | Over £500,000 |
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