Income tax rates in the UK for 2012 - 2013 tax period are given below.
Initially, you should deduct the income tax allowance so we also provided the
allowances for different categories of people.
Income tax rates
2011-12
|
£ per year
|
2012-13
|
£ per year
|
Starting
savings rate: 10%
|
£0-£2,560
|
Starting
savings rate: 10%
|
£0-£2,710
|
Basic
rate: 20%
|
£0-£35,000
|
Basic
rate: 20%
|
£0-£34,370
|
Higher
rate: 40%
|
£35,001-£150,000
|
Higher
rate: 40%
|
£34,371-£150,000
|
Additional
Rate: 50%
|
Over £150,000
|
Additional
Rate: 50%
|
Over
£150,000
|
Income Tax
allowances:
Allowances
|
2011-12
|
Change
|
2012-13
|
Personal
allowance (age under 65)
|
£7,475
|
+630
|
£8,105
|
Personal
allowance (age 65-74)
|
£9,940
|
+560
|
£10,500
|
Personal
allowance (age 75 and over)
|
£10,090
|
+570
|
£10,660
|
Married
couple's allowance Maximum (age 75 and over)
|
£7,295
|
+410
|
£7,705
|
Income
limit for age-related allowances 65 and over
|
£24,000
|
+1,400
|
£25,400
|
Blind
person’s allowance
|
£1,980
|
+120
|
£2,100
|
How is your gross salary calculated?
Gross Salary - Tax free Allowances =
Total taxable
Total taxable x Tax rate (% 10, 20, 40
or 50) = Tax paid
Total taxable - Tax paid - NI = Net
Salary