What was the personal tax allowance for 2007 08?
Income Tax
| Tax rates | 2007/08 | |
|---|---|---|
| Personal allowance (PA) | under 65 | £5,225 |
| 65 to 74 | £7,550 | |
| 75 and over | £7,690 | |
| Blind person’s allowance | £1,730 |
What happened to the 10% tax band?
The abolition of the 10% tax band came into effect at the start of the 2008 tax year and was the source of considerable criticism. At the same time, the threshold for higher rate income tax was reduced by £600, so that higher rate tax payers would not be able to benefit from the adaptation.
What are the UK tax bands?
Income Tax rates and bands
| Band | Taxable income | Tax rate |
|---|---|---|
| Personal Allowance | Up to £12,570 | 0% |
| Basic rate | £12,571 to £50,270 | 20% |
| Higher rate | £50,271 to £150,000 | 40% |
| Additional rate | over £150,000 | 45% |
What was the tax in 2008?
Ordinary taxable income brackets for use in filing 2008 tax returns due April 15, 2009.
| Tax rate | Single filers | Married filing jointly or qualifying widow/widower |
|---|---|---|
| 10% | Up to $8,025 | Up to $16,050 |
| 15% | $8,026 – $32,250 | $16,051 – $65,100 |
| 25% | $32,551 – $78,850 | $65,101 – $131,450 |
| 28% | $78,851 – $164,550 | $131,451 – $200,300 |
What is the NI rate in UK?
The rate for the tax year 2021 to 2022 is 13.8%.
When do new tax bands and allowances come out?
New tax bands and allowances are usually announced in the Chancellor of the Exchequer’s Budget or Autumn Statement. National Insurance and other tax rates. There are different rates and allowances for National Insurance, Capital Gains Tax and Inheritance Tax. You can view other tax rates and allowances.
What are the income tax rates for 2007-08?
Summary of main points • Income tax on earned income is charged at three rates. For 2007-08 all three rates are unchanged from 2006-07: the starting rate is set at 10%, the basic rate at 22%, and the higher rate at 40%. The starting rate is charged on the first £2,230 of taxable income.
Are there outstanding changes to the Income Tax Act 2007?
There are outstanding changes not yet made by the legislation.gov.uk editorial team to Income Tax Act 2007. Those changes will be listed when you open the content using the Table of Contents below. Any changes that have already been made by the team appear in the content and are referenced with annotations.
What was the personal allowance for 2007-08?
• The personal allowance is increased in line with price inflation to £5,225 for 2007-08. The two age-related personal allowances for older people have also been increased in line with prices: to £7,550 for people aged 65-74 years, and to £7,690 for people aged 75 years and over.