Budget 2004
Introduction
Personal Income Tax
Tax Credits
National Insurance Contributions
Employees
Pensioners
Savings
Trusts
Capital Gains Tax
Inheritance Tax
Stamp Duty / Stamp Duty Land Tax
Corporation Tax
Business Tax
Value Added Tax
Other Measures
Tax Tables
National Insurance
|
Tax Tables
Table A
Allowances and Reliefs |
| |
2004/05 |
2003/04 |
| |
| Allowed at top rate of tax |
|
|
| Personal Allowance |
£4,745 |
£4,615 |
| Personal Allowance (65-74)* |
6,830 |
6,610 |
| Personal Allowance (75+)* |
6,950 |
6,720 |
| Blind Person's Allowance |
1,560 |
1,510 |
| |
| Allowed only at 10% |
|
|
| Married Couple's Allowance (65-74)* |
5,725 |
5,565 |
| Married Couple's Allowance (75+)* |
5,795 |
5,635 |
| Income Limit for age-related allowances |
18,900 |
18,300 |
| |
* Age allowances are reduced £1 for every £2 by which income exceeds the income limit, until the age allowance is reduced to the normal allowance. Personal allowance is reduced before married couple's allowance. MCA is reduced to a minimum of £2,210 (2003/04: £2,150).
|
| |
| Bands |
2004/05 |
2003/04 |
| Lower |
£2,020 |
£1,960 |
| Basic |
next 29,380 |
next 28,540 |
| Higher |
over 31,400 |
over 30,500 |
| |
| Rates differ for Dividend, Interest and Other income within each band: |
| |
| Rates |
2004/05 and 2003/04 |
|
|
| D |
I |
O |
| 10% |
10% |
10% |
| 10% |
20% |
22% |
| 32.5% |
40% |
40% |
|
| |
Table B
Personal Pensions: earnings cap £102,000 (2003/04 - £99,000) |
| |
| |
Percentage |
2004/05 |
2003/04 |
| Age on 6 April 2004 (2003 for 2003/2004) |
|
maximum |
maximum |
| 35 or less |
17.5% |
£17,850 |
£17,325 |
| 36 - 45 |
20.0% |
20,400 |
19,800 |
| 46 - 50 |
25.0% |
25,500 |
24,750 |
| 51 - 55 |
30.0% |
30,600 |
29,700 |
| 56 - 60 |
35.0% |
35,700 |
34,650 |
| 61 - 74 |
40.0% |
40,800 |
39,600 |
|
| |
Table C
Benefits In Kind |
Car Benefit Assessment 2004/05
Charge based on a percentage of the initial list price of the car; the percentage depends on the carbon dioxide emission ratings of the car, if it has one. For older cars without a rating, the percentage depends on engine capacity.
For 2004/05 the percentage for a petrol engine is 15% for ratings up to 145g/km. The percentage increases by 1% for every complete 5g/km in excess of this (ie at 150, 155 etc), to a maximum of 35%. Diesel cars have 3% added to this figure, but still have a maximum percentage of 35%. |
| |
Car Fuel Assessment
For 2004/05 the benefit will be calculated using the same percentage as that used for the car benefit, applied to a standard figure of £14,400.
The taxable amount will therefore be between £2,160 (15% - min.) and £5,040 (35% - max.). |
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