| Income
Tax Rates |
| 2008/09 |
|
|
| Taxable
|
|
|
| Income
£ |
Band £ |
Rate
% |
| 0 - 36,000 |
36,000 |
20
|
| Over
36,000 |
--- |
40
|
| |
| 2007/08 |
|
| 0 - 2,230 |
2,230 |
10
|
| 2,231
- 34,600 |
32,600
|
22 |
| over 34,600 |
--- |
40
|
| |
| Savings
income is generally treated as the highest part of total income.
For 2008/09, interest is taxed at 10% to the extent that it
falls in the first £2,320 of taxable income, 20% within
the remainder of the basic rate band and 40% thereafter.For
2007/08, interest is taxed at 10% within the starting rate
band, 20% within the basic rate band and 40% thereafter. Income
from dividends is taxed at 10% within the starting
and basic rate bands and at 32.5% thereafter (these rates
are applied to the dividend grossed-up by a tax credit of
1/9).
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