Budget 2007

Introduction

Personal Income Tax

National Insurance Contributions

Employees

Savings & Investments

Trusts

Capital Gains Tax

Stamp Duty Land Tax

Inheritance Tax

Corporation Tax

Business Tax

Value Added Tax

Other Measures

Tax Tables

National Insurance


National Insurance

Table D
Rates and limits for 2007/08

 

Class 1

Weekly

Monthly

Yearly

Primary Threshold - employees

£100

£435

£5,225

Upper Earnings Limit - employees

£670

£2,903

£34,840

Secondary Threshold - employers

£100

£435

£5,225

 

Employer's Contribution

Contracted In

Contracted Out

 

 

Salary Related Scheme

Money Purchase Scheme

On earnings up to threshold

Nil

Nil

Nil

On earnings between threshold and upper earnings limit

12.8%

9.1%

11.4%

On earnings above upper earnings limit

12.8%

12.8%

12.8%

 

Employee's Contribution

Contracted in: 11% on earnings between lower and upper limits, 1% above upper limit.
Contracted Out: 9.4% on earnings between lower and upper limits, 1% above upper limit.

Earnings over £87 per week qualify for benefit, and must be reported under PAYE, but no NICs are payable until earnings exceed £100 per week.

The reduced Class 1 rate payable by certain married women and widows is 4.85% for earnings between £100 and £670 per week, 1% above £670 per week.

 

Class 2 (Self-employed)

Earnings over £4,635 per year

£2.20 per week

Class 3 (Voluntary)

No limit applicable

£7.80 per week

Class 4 (Self-employed)

Profits between £5,225 and £34,840

8%

 

Profits above £34,840

1%




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