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Click or scroll down to go to the section you require:
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Personal allowances
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Income tax rates
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Company taxation
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Capital gains tax
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Inheritance tax
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VAT
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National insurance
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PERSONAL TAXATION
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2004/05
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2003/04
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Personal allowance
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general
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£4,745
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£4,615
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aged 65 or over before 5 April 2005
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£6,830
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£6,100
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aged 75 or over before 5 April 2005
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£6,950
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£6,370
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Married couples allowance
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either spouse born before 6 April 1935
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£5,725
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£5,565
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either spouse aged 75 or over before 5 April 2005
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£5,795
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£5,635
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age allowance income limit
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£18,900
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£18,300
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Blind persons allowance
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£1,560
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£1,510
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Income tax rates
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2004/05
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2003/04
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Starting rate
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10%
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10%
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on taxable income up to
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£2,020
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£1,960
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Basic rate
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22%
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22%
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from starting rate limit up to
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£31,400
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£30,500
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Higher rate
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40%
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40%
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on taxable income over
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£31,400
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£30,500
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Lower rate on certain interest income
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20%
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20%
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COMPANY TAXATION
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FY2004
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FY2003
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Corporation tax rates
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Taxable profits:
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£0 - £10,000
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Nil
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Nil
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£10,001 – £50,000
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23.75%
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23.75%
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£50,001 - £300,000
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19%
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19%
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£300,001 - £1,500,000
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32.75%
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32.75%
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Over £1,500,000
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30%
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30%
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CAPITAL GAINS TAX
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2004/05
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2003/04
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Rates (subject to tapering relief)
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general
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10% : 20% : 40%
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trustees and personal representatives
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40%
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34%
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General exemption limit
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£8,200
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£7,900
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INHERITANCE TAX
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2004/05
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2003/04
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Threshold
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£263,000
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£255,000
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Death rate
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40%
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40%
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VAT
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2004/05
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2003/04
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Standard rate
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17.5%
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17.5%
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Registration limit
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£58,000
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£56,000
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Deregistration limit
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£56,000
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£54,000
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Cash accounting limit
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£660,000
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£600,000
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Flat rate accounting limit
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£150,000
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£150,000
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NATIONAL INSURANCE
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2004/05
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2003/04
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(2003/04 in brackets where different)
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Class 1 Contributions (employers)
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£0 - £91 (£89) per week
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Nil
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Nil
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Over £91 (£89) per week
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12.8%
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12.8%
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Class 1 Contributions (employees)
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£0 - £91 (£89) per week
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Nil
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Nil
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£91 (£89) - £610 (£595) per week
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11%
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11%
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Over £610 (£595) per week
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1%
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1%
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Class 1A and 1B contributions (employers only)
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12.8%
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12.8%
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Class 2 contributions
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Flat weekly rate
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£2.05
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£2.00
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Exemption limit per annum
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£4,215
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£4,095
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Class 3 contributions
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Flat weekly rate
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£7.15
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£6.95
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Class 4 contributions
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Profits per annum
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£0 - £4,745 (£4,615)
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Nil
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Nil
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£4,745 (£4,615) - £31,720 (£30,940)
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8%
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8%
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Over £31,720 (£30,940)
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1%
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1%
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