| Corporation Taxa
|
Year ended 31 March
|
Main rate (%)
|
Small companies rate (%)b
|
Effective marginal rate (%)
|
Marginal relief fraction
|
|
2003
|
30
|
19
|
32.75
|
11/400
|
|
2002
|
30
|
19
|
32.75
|
11/400
|
|
2001
|
30
|
20
|
32.5
|
1/40
|
a.
Advance corporation tax (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.
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Income Tax Rates
|
2003/2004
|
2002/2003
|
|
Taxable income (£)
|
Rate (%)
|
Cumulative tax (£)
|
Taxable income (£)
|
Rate (%)
|
Cumulative tax (£)
|
|
<=
1,960
|
10
|
196
|
<=
1,920
|
10
|
192
|
|
1,961-30,500
|
22
|
6,474.80
|
1,921-29,900
|
22
|
6,347.60
|
|
> 30,500
|
40
|
- |
> 29,900
|
40
|
-
|
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| |
2004/2005
(£)
|
2003/2004
(£)
|
| Individual |
4,745
|
4,615
|
| Individual 65-74 |
6,830
|
6,610
|
| Individual 75 and overa |
6,950
|
6,720
|
| Married couplec |
-
|
-
|
| Married couple 65-74a,b |
5,725
|
5,565
|
| Married Couple 75 and overa,b |
5,795
|
5,635
|
a.
Reduced by £1 for each additional £2 of income until the basic allowance
is reached if income less deductions exceeds £18,900 (£18,300 for 2003/04).
b. Relief is restricted to 10% of figure quoted from 1999-2000 and 15% from 1995-96
to 1998-99 and is given as a reduction in tax liablity.
c. From 6th April 2000 available only where either spouse is aged 65 or over
at 5th April 2000. Monthly Reduction in year of marriage.
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Table of Income Tax Reliefs
| |
2003/2004
|
2002/2003
|
| Widows
bereavement allowancea,b |
-
|
-
|
| Additional
relief for childrena |
-
|
-
|
| Blind
person (each) |
£1,510
|
£1,480
|
a.
Relief is restricted to 10% of figure quoted from 1999-2000 and 15% from
1995-96 to 1998-99 and is given as a reduction in tax liablity.
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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|
