UK Tax Tables 2004/2005

Tax Rates and Allowances

2003-04 (£) 2004-05 (£) Increase (£)
INCOME TAX ALLOWANCES:
Personal allowance 4,615 4,745 130
CAPITAL GAINS TAX ANNUAL EXEMPT AMOUNT:
Individuals etc: 7,900 8,200 300
Other trustees: 3,950 4,100 150
Inheritance tax threshold 255,000 263,000 8000
Pension schemes earnings cap 99,000 102,000 3000

Taxable Bands

Taxable bands 2003-04 (£) Taxable bands 2004-05 (£)
Starting rate 10% 0 - 1,960 Starting rate 10% 0 - 2,020
Basic rate 22% 1,961 - 30,500 Basic rate 22% 2,021 - 31,400
Higher rate 40% Over 30,500 Higher rate 40% Over 31,400

Corporation Tax Rates

Corporation tax profits 2003-04 (£) Corporation tax profits 2004-05 (£)
Starting rate 10% 0 - 10,000 Starting rate zero 0 - 10,000
Marginal relief 10,001 - 50,000 Marginal relief 10,001 - 50,000
Small companies' rate 20% 50,001 - 300,000 Small companies' rate 19% 50,001 - 300,000
Marginal relief 300,001 - 1,500,000 Marginal relief 300,001 - 1,500,000
Main rate 30% 1,500,001 or more Main rate 30% 1,500,001 or more

REV2: National Insurance Rates 2002-04

2003-04 2004-05
Primary threshold £89 per week £91 per week
Secondary threshold £89 per week £91 per week
Employees’ primary class 1 rate on earnings between primary threshold and upper earnings limit 11% of £89.01 to £595 per week 1% above £595 per week 11% of £91.01 to £610 per week 1% above £610 per week
Employers’ secondary Class 1 rate 12.8% on earnings above £89 per week 12.8% on earnings above £91 per week
Class 4 rate 8% of £4,615 to £30,940 per year 1% above £30,940 per year 8% of £4,745 to £31,720 per year 1% above £31,720 per year
Class 4 lower profits limit £4,615 per year £4,745 per year
Class 4 upper profits limit £30,940 per year £31,720 per year

For further rates and allowances and historic tables see HMRC.