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Summer Budget 2010

Introduction

Main Income Tax Reliefs

Income Tax Rates and Bands

Car Benefit Assessment

Tax Free Mileage Allowances

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 Income Tax rates and bands


 
  2010/11 2009/10
Starting rate on band * (see note) 2,440 2,440
Basic rate band 37,400 37,400
Higher rate band 37,401-150,000 over 37,400
Additional rate over 150,000 -
 
* Starting rate band is within basic rate band and applies to savings income only; if taxable general income exceeds the band, the 10% rate is not available.
 
 
Tax rates    
Rates differ for General/Savings/Dividends
  2010/11 2009/10
  G S D G S D
Starting rate N/A 10% 10% N/A 10% 10%
Basic rate 20% 20% 10% 20% 20% 10%
Higher rate 40% 40% 32.5% 40% 40% 32.5%
Additional rate 50% 50% 42.5% - - -
 
General income (salary, pension, profit, rent) uses lower rate bands first, then savings (interest), then dividends. Discretionary trusts: basic rate as above applies to the first £1,000 of income, then highest rate.



email: info@davidcutter.co.uk
Tel: 0121-550-8525   Fax: 0121-585-7341
2 Lyttleton Court | Birmingham Street | Halesowen | West Midlands | B63 3HN
DIRECTORS:     PAUL CUTTER BA(Hons), ACA
  KATE JONES BA(Hons), FCCA, ACA
   
DAVID CUTTER & CO IS A TRADING NAME OF CUTTER & CO LIMITED
COMPANY NUMBER: 07252989
A MEMBER OF THE INSTITUTE OF CHARTERED ACCOUNTANTS IN ENGLAND AND WALES