Main Income Tax Reliefs and Credits
| |
2007/08 |
2006/07 |
| Personal (basic) |
£5,225 |
£5,035 |
| Personal (65-74) |
£7,550 |
£7,280 |
| Personal (75 & over)
|
£7,690 |
£7,420 |
| Married/civil partners
(minimum) at 10%* |
£2,440 |
£2,350 |
| Married/civil partners
(under 75) at 10%* |
£6,285 |
£6,065 |
| Married/civil partners (75+)
at 10% |
£6,365 |
£6,135 |
| Age-related reliefs reduced
by 50% of income over |
£20,900 |
£20,100 |
| Blind person's
allowance |
£1,730 |
£1,660 |
| Rent-a-room tax-free
income |
£4,250 |
£4,250 |
Venture capital trust (VCT)
up to £200,000
Minimum holding period for income tax relief |
30%
5
years |
30%
5
years |
Enterprise investment scheme
(EIS) up to £400,000
Minimum holding period for income tax relief
|
20%
3
years |
20%
3
years |
| EIS eligible for capital
gains tax re-investment relief |
No limit |
|
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