RATES AND ALLOWANCES
2004-2005
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Income Tax
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Income
tax allowances
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2004-05
(£)
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Personal
allowance
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4,745
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Personal
allowance for people aged 65-74
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6,830
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Personal
allowance for people aged 75 and over
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6,950
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Income limit
for age-related allowances
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18,900
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Married
couple’s allowance for people born before 6 April 1935
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5,725
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Married
couple’s allowance - aged 75 or more
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5,795
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Minimum
amount of married couple’s allowance
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2,210
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Blind
person’s allowance
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1,560
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Taxable
bands
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Starting
rate 10%
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0
- 2,020
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Basic rate
22%
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2,021 -
31,400
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Higher rate
40%
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Over
31,400
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National Insurance
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Item
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Lower
Earnings Limit
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£79
per week
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Upper
Earnings Limit
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£610
per week
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Primary
Threshold
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£91
per week
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Secondary
Threshold
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£91
per week
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Employee's
contributions
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11%
of £91.01 to £610 per week 1% above £610 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 £91.01 to £610 per week 1% above £610 per week
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Employer's
Contribution Rates
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12.8%
on earnings above £91 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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£2.05
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Class 2
Small Earnings Exception
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£4,215
per year
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Special
Class 2 rate for share fishermen
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£2.70
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Special
Class 2 rate for volunteer development workers
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£3.95
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Class 3
(voluntary) Contribution
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£7.15
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Class 4
- Contribution Rate
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8%
of £4,745 to £31,720 per year 1% above £31,720 per year
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Class 4
Contributions - Lower Profits Limit
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£4,745
per year
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Class 4
Contributions - Upper Profits Limit
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£31,720
per year
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Capital gains tax annual
exempt amount
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Individuals
etc
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8,200 |
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Other
trustees
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4,100
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Inheritance tax
threshold
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263,000
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Pension schemes earnings
cap
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102,000
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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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Approved Mileage Rates
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Cars
and Vans - First 10000 business miles in the tax year
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40p |
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Cars and
Vans - Each mile over 10000 business miles in the tax year
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25p |
Motorcycles
- First 10000 business miles in the tax year
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24p
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Motorcycles
- Each mile over 10000 business miles in the tax year
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24p
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Bicycles
- First 10000 business miles in the tax year
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20p
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Bicycles -
Each mile over 10000 business miles in the tax year
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20p
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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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£58,000
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De-registration
limit
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£56,000
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Key Assessment Dates
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| Second
2003/2004 payment on account for all taxpayers |
31 July 2004 |
| Tax
return deadline if the Revenue is to calculate tax liability |
30 September 2004 |
| Final
deadline for submitting tax returns, payment of balance of tax liability
for 2003/2004 and first payment on account for 2004/2005 |
31 January
2005 |
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