Full details for income tax, NICs and tax credits
As an addition to our summary of the Chancellor’s Autumn Statement last week, we would like to draw readers’ attention to the Summary of 2012/13 rates and allowances which has been published on the HM Treasury website.
These tables confirm the 2012/13 rates and allowances for income tax, the rates and limits for National Insurance contributions, and the rates and thresholds for tax credits. They also cover child benefit and guardian’s allowance, ISA limits and air passenger duty.
As noted in our summary, there was nothing in the Autumn Statement to change what we already know about income tax personal allowances for 2012/13 from what was announced at Budget 2011. Tax credit rates have not been increased except for the child element of child tax credit and the disability elements of both child and working tax credit.
Note also that the capital gains tax annual exempt amount is to be frozen for 2012/13, ie it will remain at £10,600.