2000/2001

RATES AND ALLOWANCES 2000-2001

Income Tax
Income
tax allowances		 2000-01
(£)
Personal
allowance		 4 385
Personal
allowance for people aged 65-74		 5 790
Personal
allowance for people aged 75 and over		 6 050
Income
limit for age-related allowances		 17 000
Married
couple’s allowance for people born before 6 April 1935		 5 185
Married
couple’s allowance – aged 75 or more		 5 255
Minimum
amount of married couple’s allowance		 2 000
Children’s
tax credit		 -
Blind
person’s allowance		 1 400
Taxable
bands 2000-01 (£)
Starting
rate 10%		 0 – 1 520
Basic rate
22%		 1 521 – 28 400
Higher rate
40%		 Over 28 400

National Insurance
Item
Lower
Earnings Limit		 £67
Upper
Earnings Limit		 £535
Primary
Threshold		 £76
Secondary
Threshold		 £84
Employee’s
contributions		 10% of £76.01 to £535
Employee’s
Contracted-out Rebate		 1.60%
Married
Women Reduced Rate		 3.85%
Employer’s
Contribution Rates		 12.20%
Employers’
contracted-out rebate, salary-related schemes		 3.00%
Employers’
contracted-out rebate, money-purchase schemes		 0.60%
Class 2
Self employed Contribution		 £2.00
Class 2
Small Earnings Exception		 -
Special
Class 2 rate for share fishermen		 -
Special
Class 2 rate for volunteer development workers		 -
Small
Earnings Exception		 £3,825 per year
Class 3
(voluntary) Contribution		 £6.55
Class 4
Contributions – Upper Profits Limit		 £27,820 per year
Class 4
Contributions – Lower Profits Limit		 £4,385 per year
Class 4
- Contribution Rate		 7%

Capital gains tax annual exempt amount
Individuals
etc		 7 200
Other
trustees		 3 600

Inheritance tax threshold

 234 000

Pension schemes earnings cap

 91 800

Corporation Tax
Starting
rate 10%		 0 – 10 000
Marginal
relief		 10 001 – 50 000
Small
companies’ rate 20%		 50 001 – 300 000
Marginal
relief		 300 001 – 1 500 000
Main rate
30%		 1 500 001 or more

Value Added Tax
Standard rate 17.50%
Annual Registration
limit		 £52,000
De-registration limit £50,000