 |
TAX INFORMATION
Capital Gains Tax
| |
2004/2005
|
2003/2004
|
| Rate - general |
10% / 20% / 40%
|
10% / 20% / 40%
|
| Rate - trustees / personal
reps (rates are subject to tapering relief in certain
cases) |
40%
|
34%
|
| General exemption limit |
£8,200
|
£7,900
|
Corporation Tax
| |
2004/2005
|
2003/2004
|
| Corporation tax rates |
|
|
| Starting rate (0-10,000) |
0%*
|
'0%
|
| Lower marginal rate (10,001-50,000) |
23.75%*
|
'23.75%
|
| Small profits rate (50,001-300,000) |
19%
|
'19%
|
| Upper Marginal rate (300,001-1,500,000) |
32.75%
|
32.75%
|
| Standard rate (over 1,500,000) |
30%
|
30%
|
* Profits distributed to non-company shareholders:
19%
Inheritance Tax
| |
Transfers after 5/4/2004
|
Transfers after 5/4/2003
|
| Threshold |
£263,000
|
£255,000
|
| Rate on death |
40%
|
40%
|
Personal Allowances
| |
2004/2005
|
2003/2004
|
| Personal allowance (under
65) |
£4,745
|
£4,615
|
| Blind person's allowance |
£1,560
|
£1,510
|
| Age allowance income limit |
£18,900
|
£17,300
|
| Allowance where aged
65 - 74 |
| Personal allowance |
£6,830
|
£6,610
|
| Married couple's allowance |
£5,725
|
£5,565
|
| Allowances where aged
75 or over |
| Personal allowance |
£6,950
|
£6,720
|
| Married couple's allowance |
£5,795
|
£5,635
|
Rates of Income Tax
| |
2004/2005
|
2003/2004
|
| Starting / lower rate |
10%
|
10%
|
| on taxable income up to |
£2,020
|
£1,960
|
| Basic rate |
22%
|
22%
|
| on taxable income from |
| starting / lower rate limit
up to |
£31,400
|
£30,500
|
| Higher rate |
40%
|
40%
|
| on taxable income over |
£31,400
|
£30,500
|
VAT
| Standard rate |
17.5%
|
| Reduced rate |
5%
|
| Registration threshold: |
| after 9 April 2003 |
£58,000
|
| after 24 April 2002 |
£56,000
|
National insurance contributions
| Item |
2004-05
|
| Lower Earnings Limit, primary
Class 1 |
£79 per week
|
| Upper Earnings Limit, primary Class
1 |
£610 per week
|
| Primary Threshold |
£91 per week
|
| Secondary Threshold |
£91 per week
|
| Employees' primary Class 1 rate |
11 per cent. of £91.01 to £610
per week. 1 per cent above £610 per week
|
| Employees' contracted-out rebate |
1.6 per cent.
|
| Married women's reduced rate |
4.85 per cent. Of £91.01 to
£610 per week. 1 per cent above £610 per
week
|
| Employers' secondary Class 1 rate |
12.8 per cent. above £91 per
week
|
| Employers' contracted-out
rebate, salary-related schemes |
3.5 per cent
|
| Employers' contracted-out
rebate, money-purchase schemes |
1.0 per cent
|
| Class 2 rate |
£2.05 per week
|
| Class 2 Small Earnings
Exception |
£4,215 per year
|
| Special Class 2 rate for
share fishermen |
£2.70 per week
|
| Special Class 2 rate for
volunteer development workers |
£3.95 per week
|
| Class 3 rate |
£7.15 per week
|
| Class 4 rate |
8 per cent. Of £4,745 to £31,720
per year. 1 per cent above £31,720 per year
|
| Class 4 Lower Profits Limit |
£4,745 per year
|
| Class 4 Upper Profits Limit |
£31,720 per year
|
|
|
