Page last updated at 23:28 GMT, Monday, 5 April 2010 00:28 UK

The new tax year 2010-11 in figures

By Kevin Peachey
Personal finance reporter, BBC News

The new tax year has started and that means some big changes for your personal finances.

Some high earners face the much-debated top income tax band of 50%, but there are more rights for parents of newborns - although this may be for those becoming parents from 2011 - and key changes for pensioners.

Savers will now be able to put more money away in Individual Savings Accounts (Isas).

In addition, Child Tax Credit has increased by £20.

And in business, the lifetime limit on Capital Gains Tax entrepreneurs relief has increased from £1m to £2m.

  Area covered Changes Detail
Basic state pension Up £2.40 a week The weekly pension will go up to £97.65, for a pensioner couple it be £156.15
National Insurance contributions Only 30 years needed The qualifying years of NI payments for the basic state pension has dropped by nine years
Occupational pensions Five year delay claiming People now have to be 55 to receive occupational or personal pension payments
Top tax band 50% rate introduced New tax rate for those earning over £150,000 a year
Tax allowance High earner tax allowance withdrawn Those earning over £100,000 will see the progressive withdrawal of their personal income tax allowance
Isa limit New limit of £10,200 The tax-free allowance limit on Isas rises
Paternity leave Up to 26 weeks Additional paternity leave available by transferring leave from the mother
Maternity pay Up to £124.88 a week The statutory maternity, paternity and adoption pay rises

Some changes have already come into force - including costs for motorists buying and running a car. These changes came in on 1 April.

More changes are to come. In October, the national minimum wage will increase. For those aged 21 and over, it will rise from £5.80 an hour to £5.93 an hour.

For workers aged 18 to 20, it will rise from £4.83 an hour to £4.92, and for those aged 16 and 17, it will rise from £3.57 an hour to £3.64.

Although the changes to paternity leave are now in law, it only applies to parents of children born on or after 3 April 2011.

Websites such at the Financial Services Authority's Money made clear guide and HM Revenue and Customs (HMRC) have more details and forms about the changes.

Yet there is a warning to those who are hoping to duck out of paying tax. From now, HMRC is planning to name and shame anyone who dodges £25,000 of tax.



Print Sponsor


RELATED INTERNET LINKS
The BBC is not responsible for the content of external internet sites



FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit

BBC navigation

BBC © 2013 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.

Americas Africa Europe Middle East South Asia Asia Pacific