New tax rates for 2011/12

HM Treasury has just announced the new tax and NI rates for 2011/12 which take effect from 6 April 2011.  In brief the changes are as follows:

  • Personal allowance increased to £7,475
  • Basic rate threshold reduced £35,000
  • NI is payable on earnings exceeding £7,070 pa or £136 pw
  • Basic NI rates increase to 12% for employees, 13.8% for employers and 9% for the self employed
  • The higher NI rate is increased to 2% for employees and the self employed
  • ISA limits increased to £5,340 for cash or £10,680 for shares

Full details can be found by clicking on this Tax rates for 2011/12 link.

0 comments ↓

There are no comments yet...Kick things off by filling out the form below.

Leave a Comment