There is no limit on the amount that may be contributed to a registered pension scheme. The maximum amount on which an individual can claim tax relief in any tax year is the greater of the individual's UK relevant earnings or £3,600.

If total pension input exceeds the annual allowance of £225,000 there is a tax charge at 40% on the excess. This limit does not apply in the year that full pension benefits are taken.

All lifetime transfers not covered by exemptions and made within 7 years of death will be added back into the estate for the purpose of calculating the tax payable.

Main Exemptions

1. Most transfers between spouses and civil partners.

2. The first £3,000 of lifetime transfers in any tax year plus any unused balance from the previous year.

3. Gifts of up to but not exceeding £250p.a. to any number of persons.

4. Gifts made out of income that form part of normal expenditure and do not reduce the standard of living.

5. Gifts in consideration of marriage/civil partnership of up to £5,000 by a parent, £2,500 by a grandparent, or £1,000 by any other person.

6. Gifts to charities, whether made during lifetime or on death.

Stamp duty is payable at a rate of 0.5% on transfers of shares and securities. On the transfer of residential property, the stamp tax is:

* Exemption applies if state retirement age was reached by 6 th April 2007.

Petrol and Diesel Car Benefits System

The taxable benefit is calculated as a percentage of the car's UK list price. The calculation begins with the cars CO2 emissions in grams per kilometre. Then deduct 140 and divide this result by 5. Round down (4.9 = 4) and then add 15 (petrol) or 18 (diesel). The result is the taxable percentage.

*Special rules apply to some low emission diesel and alternative fuel cars.

For cars first registered before 1 st January 1998 use the following:

Chargeable on employees earning £8,500 or over (including benefits) and directors * The list price relates to the day before registration and includes accessories. The price is subject to an upper limit of £80,000 * The list price is reduced by the employee's capital contribution when the car is first made available, subject to a maximum deduction of £5,000 * Special rules apply to cars at least 15 years old with a market value of £15,000 or more * Van, no benefit if restricted private use condition met; otherwise van benefit £3,000, fuel £500 * Payments made by employees for private use may reduce the above benefits.

H. M. Revenue & Customs Mileage Rates

Car: Approved rates for employees using their own cars for business are 40p per mile for the first 10,000 miles and 25p per mile thereafter. Income tax and NICs may be due on higher rates and tax relief on lower rates.

Fuel: Advisory rates for employee private mileage reimbursement or employer reimbursement of business mileage are published by H M Revenue and Customs from time to time.

Car Fuel Benefit/

Where the cost of all fuel for private use is borne by the employee, the fuel benefit is nil. Otherwise, the taxable benefit is calculated as the car benefit percentage (see above) of £16,900. VAT is payable by the business by reference to the CO2 emissions (rounded down to next multiple of 5) as follows:

VAT on scale charge for quarters commencing on or after 1 st May 2008.

Corporation Tax 9 months & 1 day after end of accounting period (or by quarterly instalments if large company).

2008-09 Returns Filing and Issuing Deadlines