| Corporation Taxa
|
Year ended 31 March
|
Main rate (%)
|
Small companies rate (%)b
|
Effective marginal rate (%)
|
Marginal relief fraction
|
|
2001
|
|
|
|
|
|
2000
|
30
|
20
|
32.5
|
1/40
|
|
1999
|
30
|
20
|
33.5
|
1/40
|
a. For the year 31 March 1999, the rate of advance corporation tax (ACT) remains 20/80 (25%). ACT is abolished from April 1999.
b. The threshold for the small companies' rate is £300,000. Marginal relief applies to profits between £300,000 and £1,500,000.
top of page Income Tax Rates
|
2000/2001
|
1999/2000
|
|
Taxable income (£)
|
Rate (%)
|
Cumulative tax (£)
|
Taxable income (£)
|
Rate (%)
|
Cumulative tax (£)
|
|
<= 1,520
|
10
|
152
|
<= 1,500
|
10
|
150
|
|
1,521-28,400
|
22
|
6,065.60
|
1,501-28,000
|
23
|
6,245
|
|
> 28,400
|
40
|
- |
> 28,000
|
40
|
-
|
top of page Income Tax Allowances
| |
2000/2001 (£)
|
1999/200 (£)
|
| Individual |
4,385
|
4,335
|
| Individual 65-74 |
5,790
|
5,720
|
| Individual 75 and over |
6,050
|
5,980
|
| Married coupleb |
Abolishedc
|
1,970
|
| Married couple 65-74b |
5,185a
|
5,125
|
| Married Couple 75 and overb |
5,255a
|
5,195
|
a. Couples will continue to receive the married couples allowance where either spouse was born before 6 April 1935. Similarly, but for 2000/2001 only, women who were widowed during the 1999/2000 tax year will continue to receive the widow's bereavement allowance, provided that they do not remarry before 6 April 2000. The rate of relief is 10% for both.
b. Restricted to relief at 15% for 1997/98 and 1998/99. From 6 April 1999, relief is to be restricted to 10% for the married couple's allowance (MCA) with a corresponding increase, above indexation, in age-related MCA.
c. The married couple's allowance (where neither spouse has reached the age of 65 on or before 5 April 2000), the additional personal allowance and the widow's bereavement allowance are abolished with effect from 6 April 2000.
top of page Table of Income Tax Reliefs
| |
2000/2001
|
1999/2000
|
| Widows bereavement allowance |
£2,000 (relief restricted to 10%)a,b
|
£1,970 (relief restricted to 10%)a
|
| Additional relief for children |
|
£1,970 (relief restricted to 10%)a
|
| Blind person (each) |
£1,400
|
£1,380
|
a. Relief for 1994-95 onwards is given as a reduction in tax liability calculated as the stated percentage of the amount of the relief. It is proposed that the relief will be restricted to 10% from 6 April 1999.
b. For 2000/2001 only, women who were widowed during the 1999/2000 tax year will continue to receive the widow's bereavement allowance, provided that they do not remarry before 6 April 2000. The rate of relief is 10% for both.
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