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.