RATES AND ALLOWANCES
2002-2003
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Income Tax
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Income
tax allowances
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2002-03
(£)
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Personal
allowance
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4
615
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Personal
allowance for people aged 65-74
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6
100
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Personal
allowance for people aged 75 and over
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6
370
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Income limit
for age-related allowances
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17
900
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Married
couple’s allowance for people born before 6 April 1935
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5
465
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Married
couple’s allowance - aged 75 or more
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5
535
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Minimum
amount of married couple’s allowance
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2
110
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Children’s
tax credit
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5
290
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Children’s
tax credit - baby rate
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10
490
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Blind
person’s allowance
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1
480
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Taxable
bands
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Starting
rate 10%
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0
- 1 920
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Basic rate
22%
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1
921 - 29 900
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Higher rate
40%
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Over
29 900
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National Insurance
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Item
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Lower
Earnings Limit
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£75
per week
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Upper
Earnings Limit
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£585
per week
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Primary
Threshold
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£89
per week
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Secondary
Threshold
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£89
per week
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Employee's
contributions
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10%
of £89.01 to £585
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Employee's
Contracted-out Rebate
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1.
6%
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Married
Women Reduced Rate
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3.85%
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Employer's
Contribution Rates
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11.8%
on earnings above £89
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Employers’
contracted-out rebate, salary-related schemes
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3.5%
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Employers’
contracted-out rebate, money-purchase schemes
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1.00%
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Class 2
Self employed Contribution
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£2.00
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Class 2
Small Earnings Exception
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£4,025
per year
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Special
Class 2 rate for share fishermen
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£2.65
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Special
Class 2 rate for volunteer development workers
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£3.75
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Small
Earnings Exception
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£4,025
per year
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Class 3
(voluntary) Contribution
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£6.85
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Class 4
Contributions - Upper Profits Limit
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£30,420
per year
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Class 4
Contributions - Lower Profits Limit
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£4,615
per year
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Class 4
- Contribution Rate
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7%
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Capital gains tax annual
exempt amount
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Individuals
etc
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7
700
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Other
trustees
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3
850
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Inheritance tax
threshold
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250
000
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Pension schemes earnings
cap
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97
200
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Corporation Tax
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Starting
rate 0%
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0
- 10 000
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Marginal
relief
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10
001 - 50 000
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Small
companies’ rate 19%
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50
001 - 300 000
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Marginal
relief
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300
001 - 1 500 000
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Main rate
30%
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1
500 001 or more
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Value Added Tax
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Standard
rate
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17.50%
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Annual
Registration limit
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£55,000
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De-registration
limit
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£53,000
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