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HMRC Publishes New Tax and NIC Rates, Thresholds for 2011/12 Print E-mail
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HM Revenue & Customs has published the Income Tax allowances, rates and thresholds, NIC rates, Tax Credit rates and thresholds, and the Individual Savings Account (ISA) subscription limit, to be used from 6 April 2011.

Details can be found at: Tables Confirming Tax and Tax Credit Rates and Thresholds for 2011-12

As expected, there's been a significant rise in the National Insurance Contributions threshold, (i.e., the earnings level at which NICs start to be due), broadly to match the rise in Income Tax Personal Allowance previously announced. However, the 1% rise in both Employees' and Employers' NICs will mean many will suffer from an overall reduction in net income, despite the increase in tax/NI-free thresholds.

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Lee is TaxationWeb's Articles & News Editor and writes for TaxationWeb. He is a Chartered Tax Adviser with experience of advising individuals and owner-managed businesses over a broad spectrum of tax matters.

Article Added Thursday, 09 December 2010 | 6817 Hits

 

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