RATES AND ALLOWANCES
2003-2004
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Income Tax
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Income
tax allowances
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2003-04
(£)
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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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6,610
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Personal
allowance for people aged 75 and over
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6,720
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Income limit
for age-related allowances
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18,300
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Married
couple’s allowance for people born before 6 April 1935
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5,565
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Married
couple’s allowance - aged 75 or more
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5,635
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Minimum
amount of married couple’s allowance
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2,150
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Blind
person’s allowance
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1,510
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Taxable
bands
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Starting
rate 10%
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0
- 1,960
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Basic rate
22%
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1,961 - 30,500
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Higher rate
40%
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Over
30,500
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National Insurance
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Item
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Lower
Earnings Limit
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£77
per week
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Upper
Earnings Limit
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£595
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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11%
of £89.01 to £595 per week 1% above £595 per week
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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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4.85%
of £89.01 to £595 per week 1% above £595 per week
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Employer's
Contribution Rates
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12.8%
on earnings above £89 per week
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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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£4,095
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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£3.85
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Class 3
(voluntary) Contribution
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£6.95
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Class 4
- Contribution Rate
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8%
of £4,615 to £30,940 per year 1% above £30,940 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
Contributions - Upper Profits Limit
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£30,940
per year
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Capital gains tax annual
exempt amount
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Individuals
etc
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7,900 |
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Other
trustees
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3,950
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Inheritance tax
threshold
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255,000
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Pension schemes earnings
cap
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99,000
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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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£56,000
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De-registration
limit
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£54,000
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Key Assessment Dates
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| Second
2003/2003 payment on account for all taxpayers |
31 July 2003 |
| Tax
return deadline if the Revenue is to calculate tax liability |
30 September 2003 |
| Final
deadline for submitting tax returns, payment of balance of tax liability
for 2002/2003 and first payment on account for 2003/2004 |
31 January 2004 |
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