RATES AND ALLOWANCES
2005-2006
|
|
|
|
|
|
|
|
Income Tax
|
|
|
|
|
|
Income
tax allowances
|
2005-06
(£)
|
|
Personal
allowance
|
4,895
|
|
Personal
allowance for people aged 65-74
|
7,090
|
|
Personal
allowance for people aged 75 and over
|
7,220
|
|
Income limit
for age-related allowances
|
19,500
|
|
Married
couple’s allowance for people born before 6 April 1935
|
5,905
|
|
Married
couple’s allowance - aged 75 or more
|
5,975
|
|
Minimum
amount of married couple’s allowance
|
2,280
|
|
Blind
person’s allowance
|
1,610
|
|
|
|
|
Taxable
bands
|
|
Starting
rate 10%
|
0
- 2,090
|
|
Basic rate
22%
|
2,091 -
32,400
|
|
Higher rate
40%
|
Over
32,400
|
|
|
|
National Insurance
|
|
|
|
|
|
Item
|
|
|
Lower
Earnings Limit
|
£82
per week
|
|
Upper
Earnings Limit
|
£630
per week
|
|
Primary
Threshold
|
£94
per week
|
|
Secondary
Threshold
|
£94
per week
|
|
Employee's
contributions
|
11%
of £94.01 to £630 per week 1% above £630 per week
|
|
Employee's
Contracted-out Rebate
|
1.
6%
|
|
Married
Women Reduced Rate
|
4.85%
of £94.01 to £630 per week 1% above £630 per week
|
|
Employer's
Contribution Rates
|
12.8%
on earnings above £91 per week
|
|
Employers’
contracted-out rebate, salary-related schemes
|
3.50%
|
|
Employers’
contracted-out rebate, money-purchase schemes
|
1.00%
|
|
Class 2
Self employed Contribution
|
£2.10
|
|
Class 2
Small Earnings Exception
|
£4,345
per year
|
|
Special
Class 2 rate for share fishermen
|
£2.75
|
|
Special
Class 2 rate for volunteer development workers
|
£4.10
|
|
Class 3
(voluntary) Contribution
|
£7.35
|
|
Class 4
- Contribution Rate
|
8%
of £4,895 to £32,760 per year 1% above £32,760 per year
|
|
Class 4
Contributions - Lower Profits Limit
|
£4,895
per year
|
|
Class 4
Contributions - Upper Profits Limit
|
£32,760
per year
|
|
|
|
Capital gains tax annual
exempt amount
|
|
|
Individuals
etc
|
8,600 |
|
Other
trustees
|
4,250
|
|
|
|
Inheritance tax
threshold
|
275,000
|
|
|
|
|
|
|
Pension schemes earnings
cap
|
105,600
|
|
|
|
|
|
|
Corporation Tax
|
|
|
|
|
|
Starting
rate 0%
|
0
- 10,000
|
|
Marginal
relief
|
10,001 - 50,000
|
|
Small
companies’ rate 19%
|
50,001 - 300,000
|
|
Marginal
relief
|
300,001 - 1,500,000
|
|
Main rate
30%
|
1,500,001 or more
|
|
|
|
|
|
|
Approved Mileage Rates
|
|
|
|
|
Cars
and Vans - First 10000 business miles in the tax year
|
40p |
|
Cars and
Vans - Each mile over 10000 business miles in the tax year
|
25p |
Motorcycles
- First 10000 business miles in the tax year
|
24p
|
|
Motorcycles
- Each mile over 10000 business miles in the tax year
|
24p
|
Bicycles
- First 10000 business miles in the tax year
|
20p
|
|
Bicycles -
Each mile over 10000 business miles in the tax year
|
20p
|
|
|
|
|
|
Value Added Tax
|
|
|
Standard
rate
|
17.50%
|
|
Annual
Registration limit
|
£60,000
|
|
De-registration
limit
|
£58,000
|
|
|
|
|
Key Assessment Dates
|
|
| Second
2004/2005 payment on account for all taxpayers |
31 July 2005 |
| Tax
return deadline if the Revenue is to calculate tax liability |
30 September 2005 |
| Final
deadline for submitting tax returns, payment of balance of tax liability
for 2004/2005 and first payment on account for 2004/2005 |
31 January
2006 |
|
|
