The small profits rate paid by contractor companies stays at 20%.
Value Added Tax
The standard rate of VAT remains at 20%.
The basic and higher tax rates on dividends remain unchanged but the additional rate is reduced:
Basic rate of 10%
Higher rate of 32.5%
Additional rate of 37.5% down from 42.5%
Although the above are the official rate due to the tax credit of 10% on dividends the real rates of tax for dividends are:
Basic rate of 0%
Higher rate of 25%
Additional rate of 30.6%
The Personal Allowance rises by £1,335 to £9,440.
For incomes of £100,000, the value of the personal allowance is still reduced by £1 for every £2 over the threshold.
Income Tax - Taxable Bands
The basic 20% rate of income tax applies between £9,440 and £41,450
The higher 40% rate applies between £41,450 and £150,000.
The additional 45% (reduced from 50%) rate applies on income above £150,000.
National Insurance (NICs)
The employers' NIC rate stays at 13.8%. The employee's NIC rate stays at 12%.
Approved Mileage Allowance Payments (AMAPs)
The standard car rate stays at 45p for the first 10,000 miles, and 25p thereafter.
Pensions Savings - Tax Relief
The lifetime allowance is staying at £1.5m.
The annual allowance for personal contributions is staying at £50,000.
Both are being reduced from 2014-15 in a years time.
Capital Gains Tax
The standard CGT rate for individuals remains at 18% (basic rate), and 28% (higher rate).
The lifetime allowance for Entrepreneurs' Relief is £10m.
The ISA limit is increasing by £240 to £11,520, £5,760 of which can be saved in cash.