|
TAX
INFORMATION
Below
is some general tax information relevant to
the current tax year (6 April 2003 to 5 April
2004).
| Income
Tax Rates |
|
| Starting
rate on taxable income (up to £1,960) |
10% |
| Basic
rate (from £1,961 to £30,500) |
22% |
| Higher
rate on taxable income (over £30,500) |
40% |
|
| National
Insurance Contributions |
|
| Class
1(earnings between £89 and £585) |
11%
|
| Class
1A and 1B (employers) |
12.8%
|
| Class
2 (self-employed, exemption limit £4,025) |
£2.00
|
| Class
3 (voluntary) |
£6.95
|
| Class
4 (self-employed, profits £4,615-£30,940) |
8%
|
|
| Corporation
Tax Rates |
|
| Starting
rate (profit up to £10,000) |
0% |
| Marginal
starting rate (profit £10,001-£50,000) |
23.75% |
| Small
company (profit £50,001-£300,000) |
19% |
| Marginal
small companies (£300,001-£1,500,000) |
32.75% |
| Full
company rate (profit more than £1,500,000) |
30% |
|
| Inheritance
Tax |
|
| Threshold |
£255,000 |
| Death
rate |
40% |
|
| Capital
Gains Tax |
|
| Up
to £1,960 |
10% |
| £1,961
- £30,500 |
20%
|
| Over
£30,500 |
40% |
| General
Exemption |
£7,900 |
|
| Stamp
Duty |
|
| Up
to £60,000 |
Nil
|
| £60,001
- £250,000 |
1% |
| £250,001
- £500,000 |
3% |
| Over
£500,000 |
4% |
|
| Others
|
|
| Personal
Taxation Allowance (below 65 yrs old) |
£4,615
|
| Married
couple's allowance (less than 75 yrs old) |
£5,565 |
| Individual
Savings Accounts investment limit |
£7,000 |
| Value
Added Tax (VAT- standard rate) |
17.5% |
For information on other
tax rates, please do not hesitate to contact
us, or go to the
Inland
Revenue website
for a complete listing.
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