Income Tax Allowances, Reliefs and Credits

Tax Tables

 
 
  2011/12
£		 2012/13
£
Given at marginal rate of income tax    
Personal allowance (minimum) 7,475 8,105
Personal allowance (age 65-74) 9,940 10,500
Personal allowance (age 75+) 10,090 10,660
     
Blind Person's Allowance 1,980 2,100
     
Rent-a-room tax free home income*
*restricted to £2,125 if letting jointly		 4,250 4,250
 
Relief restricted to 10%    
Married couples/Civil partnerships allowance (age under 75 and born before 6th April 1935) N/A N/A
Married couples/Civil partnerships allowance (age 75+) 7,295 7,705
Married couples/Civil partnerships allowance (minimum) 2,800 2,960
Income limit for age-related allowances 24,000 25,400
     
Child Tax Credit (CTC)    
Family element 545 545
Family element baby addition N/A N/A
Child element 2,555 2,555
Disabled child element 2,800 2,800
Severely disabled child element 1,130 1,130
     
Working Tax Credit (WTC)    
Basic element 1,920 1,920
Couples & lone parent element 1,950 1,950
30 hour element 790 790
Disabled worker element 2,650 2,650
Severe disability element 1,130 1,130
50+ return to work payment (16-29 hours) 1,365 1,365
50+ return to work payment (30+ hours) 2,030 2,030
     
Childcare Element of WTC    
Maximum eligible cost for one child £175 per week £175 per week
Maximum eligible cost for two or more children £300 per week £300 per week
Percentage of eligible costs covered 70% 70%
     
Withdrawal Rates for CTC & WTC    
First income threshold 6,420 6,420
First income threshold for CTC only 15,860 15,860
First withdrawal rate 41% 41%
Second income threshold 40,000 40,000
Second withdrawal rate 41% 41%
Income increase disregarded 10,000 10,000
     
Limits for other reliefs    
Enterprise Investment Scheme (EIS) at 20%/30%    
Maximum Investment 500,000 500,000
EIS capital gains re-investment Unlimited Unlimited
     
Venture Capital Trusts (VCT) @ 30%    
Maximum Investment 200,000 200,000