2003/2004

RATES AND ALLOWANCES
2003-2004

 

 

 

 

 

Income Tax

 

 

 

Income
tax allowances

2003-04
(£)

Personal
allowance

4,615

Personal
allowance for people aged 65-74

6,610

Personal
allowance for people aged 75 and over

6,720

Income limit
for age-related allowances

18,300

Married
couple’s allowance for people born before 6 April 1935

5,565

Married
couple’s allowance – aged 75 or more

5,635

Minimum
amount of married couple’s allowance

2,150

Blind
person’s allowance

1,510

 

 

Taxable
bands

Starting
rate 10%

0
- 1,960

Basic rate
22%

1,961 – 30,500

Higher rate
40%

Over
30,500

 

 

National Insurance

 

 

 

Item

 

Lower
Earnings Limit

£77
per week

Upper
Earnings Limit

£595
per week

Primary
Threshold

£89
per week

Secondary
Threshold

£89
per week

Employee’s
contributions

11%
of £89.01 to £595 per week  1% above £595 per week

Employee’s
Contracted-out Rebate

1.
6%

Married
Women Reduced Rate

4.85%
of £89.01 to £595 per week  1% above £595 per week

Employer’s
Contribution Rates

12.8%
on earnings above £89 per week

Employers’
contracted-out rebate, salary-related schemes

3.5%

Employers’
contracted-out rebate, money-purchase schemes

1.00%

Class 2
Self employed Contribution

£2.00

Class 2
Small Earnings Exception

£4,095
per year

Special
Class 2 rate for share fishermen

£2.65

Special
Class 2 rate for volunteer development workers

£3.85

Class 3
(voluntary) Contribution

£6.95

Class 4
- Contribution Rate

8%
of £4,615 to £30,940 per year 1% above £30,940 per year

Class 4
Contributions – Lower Profits Limit

£4,615
per year

Class 4
Contributions – Upper Profits Limit

£30,940
per year

 

 

Capital gains tax annual
exempt amount

 

Individuals
etc

7,900

Other
trustees

3,950

 

 

Inheritance tax
threshold

255,000

 

 

 

 

Pension schemes earnings
cap

99,000

 

 

 

 

Corporation Tax

 

 

 

Starting
rate 0%

0
- 10,000

Marginal
relief

10,001 – 50,000

Small
companies’ rate 19%

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

£56,000

De-registration
limit

£54,000

Key Assessment Dates

 
Second
2003/2003 payment on account for all taxpayers

31 July 2003
Tax
return deadline if the Revenue is to calculate tax liability

30 September 2003
Final
deadline for submitting tax returns, payment of balance of tax liability
for 2002/2003 and first payment on account for 2003/2004

31 January 2004