2008/09 Rates and Allowances
With changes in the tax system now an ever-present feature, our up-to-date experience is available to ensure clients' tax liabilities are planned to be at a minimum.
This tax year there are the following key changes in the tax rates and tax system:
13 May 2008 Mini Budget
Personal allowance increased by £600 to £6,035. Higher rate taxable band reduced to £34,800 (£36,000 as announced in the March 2008 Budget).
Starting rate band
From 6 April 2008 there is no 10% starting rate band.
Income tax
Corporation tax
- Main rate: 28%
- Small companies' rate: 21%
Capital gains tax
- Standard rate: 18%
- Entrepreneurs' relief on £1 million - effective rate: 10%
Capital allowances
- New annual investment allowance for first £50,000: 100%
While there is comprehensive information on our site, as our terms and conditions indicate, this information does not cover all situations or provide advice. Do please contact us for advice.
