Budget Summary 2011
Main Income Tax reliefs
Income Tax rates and bands
Car benefit assessment
Tax-free mileage allowances
National Insurance Contributions
Important annual limits
Value Added Tax
Capital Gains Tax
Main capital allowances
Stamp Duty & Stamp Duty Land Tax
Earliest due dates for payment of tax
|Charges on or after 6th April 2009
|0 - £325,000
||Nil band frozen
|Lifetime chargeable transfers at half the death rate, ie 20%.|
Business property relief of 100% for all shareholdings in qualifying unquoted trading companies and for most unincorporated trading businesses; agricultural property relief at 100% for qualifying holdings of agricultural land.
Annual exemption for lifetime gifts £3,000.
Small gifts - annual amount per donee £250.
Tapering relief applies to reduce the tax on transfers within 7 years of death. The reduction in tax is 20% for survivorship of 3-4 years, 40% for 4-5 years, 60% for 5-6 years and 80% for 6-7 years.