Budget 2007 Introduction Personal Income Tax National Insurance Contributions Employees Savings & Investments Trusts Capital Gains Tax Stamp Duty Land Tax Inheritance Tax Corporation Tax Business Tax Value Added Tax Other Measures Tax Tables National Insurance

Tax Tables Table A Allowances and Reliefs   2007/08 2006/07   Allowed at top rate of tax     Personal Allowance £5,225 £5,035 Personal Allowance (65-74)* 7,550 7,280 Personal Allowance (75 and over)* 7,690 7,420 Blind Person's Allowance 1,730 1,660   Allowed only at 10%     Married Couple's Allowance (65-74)+* 6,285 6,065 Married Couple's Allowance (75 and over)+* 6,365 6,135 Income Limit for age-related allowances 20,900 20,100   + only available if born before 6th April 1935. * Age allowances are reduced £1 for every £2 by which income exceeds the income limit, until the age allowance is reduced to the normal allowance. Personal allowance is reduced before married couple's allowance. MCA is reduced to a minimum of £2,440 (2006/07: £2,350).   Bands 2007/08 2006/07 Lower £2,230 £2,150 Basic next 32,370 next 31,150 Higher over 34,600 over 33,300   Rates differ for Dividend, Interest and Other income within each band:   Rates 2007/08 and 2006/07   Lower Basic Higher D I O 10% 10% 10% 10% 20% 22% 32.5% 40% 40%   Table B Pension Contributions   The maximum annual tax efficient gross contributions (up to age 75) in 2007/08 are: - individuals:   £3,600 or 100% of earnings to £225k - employers:   £225k less employee contributions Maximum tax efficient fund (lifetime allowance) where benefits are taken in 2007/08: £1.6m Only current earnings count for the 100% limit in 2007/08. It is no longer possible to use prior earnings or to carry back contributions to earlier years.   Table C Benefits In Kind Car Benefit Assessment 2007/08 Charge based on a percentage of the initial list price of the car; the percentage depends on the carbon dioxide emission ratings of the car, if it has one. For older cars without a rating, the percentage depends on engine capacity. For 2007/08 the percentage for a petrol engine remains 15% for ratings up to 140g/km. The percentage increases by 1% for every complete 5g/km in excess of this (ie at 145, 150 etc), to a maximum of 35%. Diesel cars have 3% added to this figure, but still have a maximum percentage of 35%.   Car Fuel Assessment The benefit is calculated using the same percentage as that used for the car benefit, applied to a standard figure of £14,400. The taxable amount is therefore between £2,160 (15% - min.) and £5,040 (35% - max.).