Park McKillop & Company - Personal Tax

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Personal Tax

Income Tax allowances2010-112011-122012-132013-14
Personal Allowance6,4757,4758,1059,440
Income limit for Personal Allowance100,000100,000100,000100,000
Personal Allowance for people aged 65 - 749,4909,94010,50010,500
Personal Allowance for people aged 75 and over9,64010,09010,66010,660
Married Couples Allowance (born before 6th April 1935 and aged 75 and over)*6,9657,2957,7057,915
Income limit for age-related allowances22,90024,00025,40026,100
Minimum amount of Married Couples Allowance*2,6702,8002,9603,040
Blind Person's Allowance1,8901,9802,1002,160

*Tax relief for the Married Couple's Allowance is given at the rate of 10%.

Note: Ages are as at the end of the tax year.

National insurance rates and bands

The main and additional rates of national insurance contributions (NIC's) for employee's will remain at 12% and 2% respectively from 6 April 2012.

The primary threshold for employees will increase to 146 a week (634 a month) and the secondary threshold for employers will increase to 144 a week (624 per month).

Income Tax rates and taxable bands

Starting rate for savings: 10%*0-2,4400-2,5600-2,7100-2,790
Basic rate: 20%0-37,4000-35,0000-34,3700-32,010
Higher rate: 40%37,401-150,00035,001-150,00034,371-150,00032,010-150,000
Additional rate: 50%Over 150,000Over 150,000Over 150,000Over 150,000
Dividends for:    
Basic rate tax payers10%10%10%10%
Higher rate tax payers32.5%32.5%32.5%32.5%
Additional rate tax payers42.5%42.5%42.5%42.5%

*The 10% starting rate applies to savings income only. If your non-savings income is above this limit then the 10% starting rate for savings will not apply.

Tax shelters2012/132013/14
Venture Capital Trust (VCT) up to200,000200,000
Enterprise Investment Scheme (EIS) up to1,000,0001,000,000
Seed Enterprise Investment Scheme up to100,000100,000
Golden Handshake maximum30,00030,000
Rent a room - exempt on gross annual rent up to4,2504,250
Construction Industry Scheme deduction rate:  
Standard (registered)20%20%
Higher (not registered)30%30%


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for a range of investment business activities by the Institute of Chartered Accountants in Ireland

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