Tax allowances 2013/14

Want to know what your tax allowances will be for the 2013/14 tax year? Then check out our easy to read guide for all the information you'll need.

17:29 19 March 2013

ISAs

 

	Until April 5 2013	From April 6 2013	Change
Annual allowance	£11,280	£11,520	+ £240
Cash element	£5,640	£5,760	+ £120
Junior ISA allowance	£3,600	£3,720	+£120
Child Trust Fund	£3,600	£3,720	+£120
allowance

Inheritance Tax

 

	2012-2013	2013-2014	Change
Personal allowance	£325,000	£325,000	£0
Couple's allowance	£650,000	£650,000	£0

Capital gains tax allowance

Changes were made to the rate at which Capital Gains Tax (CGT) is paid in the coalition government's Emergency Budget in 2010. The rates of CGT remain at 18% for non and basic rate taxpayers, while higher and additional rate taxpayers, as well as most trusts, will pay at a rate of 28%. The CGT allowance will increase in line with Consumer Prices Index (CPI) (then 1% in 2014-15).

 

	2012-2013	2013-2014	Change
Individuals	£10,600	£10,900 approx	+£300

Pension Scheme - Personal Allowance

As of April 6, 2012 the lifetime allowance for pension savings was reduced by £300,000 from £1.8million to £1.5million and will remain at the same level from April 6, 2013.

 

For any pension scheme members who have already built up savings in excess of £1.5 million, or have planned to do so as they were unaware that the lifetime allowance would not reduce from the current level, there will be a new form of protection called 'fixed protection'. For more information, click here.

	2012-2013	2013-2014	Change
Annual allowance	£50,000	£50,000	£0
Lifetime allowance	£1,500,000	£1,500,000	£0

Income Tax - Personal Allowances

 

	2012-2013	From April 2013	Change
Those born after April 5, 1948*	£8,105	£9,440	+£1,335
Those born between April 6, 1938 and	£10,500	£10,500	£0
April 5, 1948*
Those born before April 6, 1938	£10,660	£10,660	£0
Married couple's allowance* ^ (for people born before April 6, 1935)	£7,705	£7,915	+£210
Married couple's allowance^ (minimum amount)	£2,960	£3,040	+£80
Income limit for age-related allowances	£25,400	£26,100	+£700
Blind person's allowance	£2,100	£2,160	+£60

 

* These allowances may be lower depending on your income. As of 2013-14, an individual's personal allowance will based upon date of birth and income in the tax year. For more information on how age-related allowances work, click here.

 

Married couple's allowance is given at the rate of 10%. It applies to couples where at least one spouse was born before April 6 1935.

Income: Taxable bands

 

	2012-2013	2013-2014
Basic Rate 20%	£0 - £34,370	£0 - £32,010
Higher Rate 40%	£34,371 - £150,000	£32,010 - £150,000
Additional Rate 45% from	Over £150,000	Over £150,000
April 6, 2013 (formerly 50%)

 

 

Stamp Duty

 

Rate	Residential in	Residential outside	Non-residential
	advantaged	disadvantaged
	areas*	areas*
	Total value of consideration
Zero	£0 - £150,000	£0 - £125,000	£0 - £150,000
1%	Over £150,000 -	£125,001 -	Over £150,000 -
	£250,000	£250,000	£250,000
3%	Over £250,000 -	£250,001 -	Over £250,000 -
	£500,000	£500,000	£500,000
4%	Over £500,000 to £1million	Over £500,001 to £1million	Over £500,000
5%	Over £1million to £2million	Over £1million to £2million	N/A
7%	Over £2million	Over £2million	N/A
15%	Over £2million bought by	Over £2million bought by	N/A
	corporate bodies	corporate bodies

 

* To find out whether the area you are looking to buy in is classed as disadvantaged, click here.

Source: HMRC

Please note: Any rates or deals mentioned in this article were available at the time of writing. Click on a highlighted product and apply direct.