Archive for March, 2008

New tax rates and allowances – 2008/09

Income Tax Allowances: The Chancellor announces the rates of allowances at the Pre-Budget Report which precedes the start of the tax year to which they relate. Generally speaking, Pre-Budget Report takes place in November or December. Income tax allowances 2007-08 (£) 2008-09 (£) Personal allowance 5,225 5,435 Personal allowance for people aged 65-74 (1) 7,550 […]

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Changes in tax rates for 2008/09

The government has published the 2008-2009 rates and allowances for Income Tax and National Insurance Contributions. The most important changes are: All income tax allowances will increase in line with inflation. The personal allowance will increase to £5,435. The age-related personal allowances will rise to £9,030 for people aged between 65 and 74 and to […]

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HMRC: the “official rate” of interest is frozen for 2008-09.

Income tax paid by employees on cheap or subsidised loans provided by their employer is based on the margin between the actual interest rate and the so called “official rate” of interest. At present the official rate is 6.25% and HMRC confirmed it will remain unchanged for the 2008-09 tax year.

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Car fuel benefit rates will rise from 6 April 2008.

The Car Fuel Benefit Order 2008 (SI 2008/511) comes into force on 6 April 2008 and increases the figure used to calculate the cash equivalent of the benefit of car fuel received by employees from £14,400 to £16,900. FULL TEXT OF MEMORANDUM: EXPLANATORY MEMORANDUM TO THE CAR FUEL BENEFIT ORDER 2008 2008 No. 511 1. […]

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