Income Tax Rates 2013 – 2014
Income Tax allowances and bands for the 2013-14 tax year have now been published. Legislation is being introduced to bring these into effect from Saturday 6 April 2013. These rates were announced in the 2012 Budget and confirmed in the recent Autumn Statement.
Bands of Taxable Income
Income Tax allowances
Class 1 NIC Rates 2013-14
| Employer (Primary) | Employer (Secondary) | ||
|---|---|---|---|
| Earnings £ a week | NIC rate % | Earnings £ a week | NIC rate % |
| Below £109 (LEL, lower earnings limit) | 0 | Below £148 (ST, secondary threshold) | 0 |
| £109-£149 (PT, primary threshold) | 0 | Above £148 | 13.8 |
| £149-£797 (UEL, upper earnings limit) | 12 | ||
| Above £797 | 2 | ||
Self-employed NIC Rats 2013-14
| Annual Profits £ a week | Class 2 £ a week | Class 4% |
|---|---|---|
| Below £5725 (SEE, small earning exception) | £0.00 | 0% |
| £5,725 to £7,755 (LPL, lower profits limit) | £2.70 | 0% |
| £7,755 to £41,450 (UPL, upper profits limit) | £2.70 | 9% |
| Above £41,450 | £2.70 | 2% |
Other NICs Rates
| 2012-13 | 2013-14 | |
|---|---|---|
| Married Women’s reduced rate (per cent) | 5.85% | 5.85% |
| Special Class 2 rate for share fishermen | £3.30 per week | £3.35 per week |
| Special Class 2 rate for wolunteer development workers | £5.35 per week | £5.45 per week |
| Class 3 rate | £13.25 per week | £13.55 per week |
Working and Child Credit Tax Rates & Thresholds
| £ a year | |||
|---|---|---|---|
| 2012-13 | Change | 2013-14 | |
| Working Tax Credit | |||
| Basic element | 1,920 | 0 | 1,920 |
| Couple and lone parent element | 1,950 | 20 | 1,970 |
| 30 hour element | 790 | 0 | 790 |
| Disabled worker element | 2,790 | 65 | 2,855 |
| Severe disability element | 1,190 | 30 | 1,220 |
| Childcare element | |||
| maximum eligible cost for ONE chiled | £175 per week | – | £175 per week |
| maximum eligible cost for ONE chiled | £300 per week | – | £300 per week |
| per cent of eligible costs covered | 70 per cent | – | 70 per cent |
| Chiled Tax Credit | |||
| Family element | 545 | 0 | 545 |
| Child element | 2,690 | 30 | 2,720 |
| Disabled child element | 2,950 | 65 | 3,015 |
| Severely disabled child element | 1,190 | 30 | 1,220 |
| Income Threshold & Withdrawal Rates | |||
| Income threshold | 6,420 | 0 | 6,420 |
| Withdrawal rate (per cent) | 41% | 0 | 41% |
| First threshold for those entitled to Child Tax Credit only | 15,860 | 50 | 15,910 |
| Income rise disregard | 10,000 | -5,000 | 5,000 |
| Income fall disregard | 2,500 | 0 | 2,500 |
Child Benefit and Guardian's Allowance
| £ a week | |||
|---|---|---|---|
| 2012-13 | Change | 2013-14 | |
| Chiled Tax Credit | |||
| First Child | 20.30 | – | 20.30 |
| Rate for additional children | 13.40 | – | 13.40 |
| Chiled Tax Credit | 15.55 | 0.35 | 15.90 |
Tax-free Savings Accounts
| £ a week | |||
|---|---|---|---|
| 2012-13 | Change | 2013-14 | |
| Individual Savings Account (ISA) subscripion limit | |||
| Overall limit | 11,280 | – | 11,520 |
| of which cash | 5,640 | – | 5,760 |
| of which stocks and shares | 11,280 | – | 11,520 |
| Junior ISA subscription limit | 3,600 | 120 | 3,720 |
| Child Trust Fund (CTF) subscripotion limit | 3,600 | 120 | 3,720 |
Fuel Benefit Charge
| Company Car Tax Fuel Benefit Charge | 2012-13 | Change | 2013-14 |
|---|---|---|---|
| Junior ISA subscription limit | £20,200 | 900 | £21,100 |
| Child Trust Fund (CTF) subscripotion limit | £550 | 14 | £564 |
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