Personal Tax in the U.K.
- Tax Base For Residents and Non-Residents
- Where an individual is resident, ordinarily resident and domiciled in the UK, that person is subject to UK income tax and capital gains tax on worldwide income and gains, whether or not received in the UK (subject to the provisions of an applicable double-tax treaty). There is a limited exception for seafarers. Not all UK residents are subject to worldwide taxation. For additional information, consult the PKf Tax Guide.
|Income tax rate for 2010-2011||Progressive rate from 10% to 40%|
|GBP 0 - 2,440||10%|
|GBP 2,441 - 37,400||20%|
|Above GBP 37,400||40%|
- Allowable Deductions and Tax Credit
- Personal allowances.
Expenses incurred in the performance of professional duties.
Some share-incentive, pension and savings schemes may confer tax advantages.
- Special Expatriate Tax Regime
- Consult HM Revenue & Customs to know the most recent rules.
- Capital Tax Rate
- Inheritance tax (IHT): generally this only applies upon death, to the value of the estate and gifts made within the previous seven years subject to a reduction for gifts made between four and seven years before death. In these cases, the amount in excess of the upper limit is subject to IHT at 40%.
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