| Income Tax Rates
|
2004/2005
|
2003/2004
|
|
Taxable income (£)
|
Rate (%)
|
Cumulative tax (£)
|
Taxable income (£)
|
Rate (%)
|
Cumulative tax (£)
|
|
<=
2,020
|
10
|
202
|
<=
1,960
|
10
|
196
|
|
2,021-31,400
|
22
|
6,665.60
|
1,961-30,500
|
22
|
6,474.80
|
|
> 31,400
|
40
|
- |
> 30,500
|
40
|
-
|
top of page Corporation Taxa
|
Year ended 31 March
|
Main rate (%)
|
Small companies rate (%)b
|
Effective marginal rate (%)
|
Marginal relief fraction
|
|
2004
|
30
|
19
|
32.75
|
11/400
|
|
2003
|
30
|
19
|
32.75
|
11/400
|
|
2002
|
30
|
19
|
32.75
|
11/400
|
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.
top of page Income Tax Allowances
| |
2004/2005
(£)
|
2003/2004
(£)
|
| Individual |
4,745
|
4,615
|
| Individual 65-74 |
6,830
|
6,610
|
| Individual 75 and overa |
6,720
|
5,600
|
| 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 £18,300 (£17,900 for 2002/03).
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.
top of page Table of Income Tax Reliefs
| |
2004/2005
|
2003/2004
|
| Widows bereavement allowancea,b |
-
|
-
|
| Additional relief for childrena |
-
|
-
|
| Blind person (each) |
£1,560
|
£1,510
|
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.
top of page |
