Autumn Statement 2013

Below is a summary of the new tax rates and thresholds for 2014/15 announced by George Osborne today:

Personal tax

  • Personal allowance to cover the first £10,000 of income per tax year
  • Basic rate of 20% applies to the next £31,865
  • Higher rate of 40% on further income up to £150,000
  • Additional rate of 45% thereafter

National Insurance

  • 12% NIC for employees on earnings between £153 and £805 per week
  • 2% NIC on any additional earnings
  • 13.8% NIC for employers on earnings in excess of £153 per week (no upper limit)
  • 9% NIC for the self-employed on annual profits of £7,956 to £41,865
  • 2% NIC on any additional profits

Savings

  • ISA limit of £11,880 for stock and shares
  • ISA limit of £5,940 for cash

Changes from April 2015

  • Transferable married couples allowance of £1,000
  • No employers NIC for employees under the age of 21

Other

  • Abolition of the paper car tax disc from 1 October 2014
  • Increase in State Pension age to 68 from the mid 2030′s, and a further increase to 69 by the late 2040′s

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