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The Daily Telegraph Tax Guide 2014 by David Genders

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02

Tax rates, allowances and reliefs

For most of us our annual tax bill is determined by:

  • tax bands and rates; and
  • the allowances and reliefs we can claim.

Income Tax rates

Under our tax system, the tax (or fiscal) year runs from each 6 April to the following 5 April.

The rates of tax for 2013/14 are:

Band of Taxable Income (£)

Rate of Tax

(%)

Tax on Band

(£)

Cumulative Tax

(£)

0–32,010

20

6,402.00

6,402.00

32,011–150,000

40

47,196.00

53,598.00

over 150,000

45

 

 

The rates of 20 per cent and 40 per cent are respectively known as the basic and higher rates. The additional rate refers to tax at the 45 per cent level.

Income from dividends is taxed at:

  • 10 per cent on dividend income within the basic ...

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