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| Income tax allowances 2004-05 2005-06 |
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Single up to 65.......................4745.......4895
65-74.....................................6830.......7090
75 plus...................................3950.......7220
Married
65-74....................................5725.......5905
75 plus..................................5795.......5975
Married allowances restricted to
10% and aged 65 before 5/4/2000
Age related earnings limit.....18,900......19,500
Capital gains tax exempt......8200.......8500
Inheritance tax.......................263,000.....275,000
Pensions earning cap..............102,000.....105,600
Taxable income rates...................... 2004-05
0 - £2020............................................10%
£2021 - £31400...................................22%
over £31400...........................................40%
National insurance limit...................2004-05
up to £91 a week................................0%
£91 - £610.........................................11%
over £610 .......................................1%
Taxable income rates.......................2005-06
0 - £2090..........................................10%
£2091 - £32400..................................22%
over £32400.......................................40%
National insurance limits...................2005-06
up to £94 a week................................0%
£94 - £630.........................................11%
over £630 .......................................1%
VAT
VAT registration turnover limits
With effect from 1 April 2005 the registration turnover limit is increased from £58,000 to £60,000.
STAMP DUTY LAND TAX
The threshold for Stamp Duty Land Tax on residential transactions is raised from £60,000 to £120,000 for transactions completed after 17 March 2005.
The threshold for residential transactions in designated disadvantaged areas remains at £150,000. Where the transaction exceeds these two limits (as appropriate) but does not exceed £250,000, SDLT is payable at 1 per cent. The higher rates of SDLT and the thresholds remain unchanged.
ENVIRONMENTAL TAXES
Landlord's energy saving allowance (BN REV 37)
Landlords who let residential property may currently claim a deduction, the Landlords Energy Saving Allowance (LESA), against profits for expenditure to install loft insulation or cavity wall insulation in dwelling houses which they let. The maximum amount for which may be claimed is limited to £1,500 per building.
With effect from 7 April 2005, the scope of the LESA will be extended to include solid wall insulation.
HYDROCARBON DUTY
Excise duty rates on main road fuels will be increased in line with inflation by 1.22 pence per litre. However, this increase has been deferred until 1 September 2005 rather than being introduced with immediate effect.
INVESTMENTS
Retention of Individual Savings ccounts (ISA) limits (BN Rev2)
The current ISA limits of 7,000 maximum and £3,000 for cash will be retained until 5 April 2010. The existing ISA limits were due to fall from £7,000 maximum and £3,000 in cash to £5,000 maximum and £1,000 in cash from 6 April 2006.
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