Income tax rates, rate limits and personal allowances 2010/11
As previously announced, the 20% basic rate will continue to apply to taxable income up to £37,400 and the 40% higher rate to taxable income above £37,400. The 50% additional rate will apply to taxable income above £150,000.
Personal allowances will remain at their existing amounts (under 65 - £6,475; 65
to 74 - £9,490 and over 75 - £9,640). The personal allowance will be withdrawn
for all individuals with income over £100,000 at a rate of reduction of £1 of
personal allowance for every £2 of income, above £100,000.
Who will be affected?
The additional rate will apply to taxpayers with taxable income above £150,000. The changes to personal allowances will affect taxpayers with taxable income above £100,000.
The introduction of the additional rate and changes to personal allowances will take effect from 6 April 2010.
No further changes were announced.