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INCOME TAX |
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Income Tax Rates |
2003-2004 |
2002-2003 |
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10% on first |
£1,960 |
£1,920 |
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22% on next |
£28,540 |
£27,980 |
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40% on income over |
£30,500 |
£29,900 |
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Dividends for basic rate taxpayers |
10% |
10% |
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Dividends for higher rate tax payers |
32.5% |
32.5% |
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Other savings income for basic rate tax payers |
20% |
20% |
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Certain Trusts |
34% |
34% |
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Dividends for certain trusts |
25% |
25% |
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Main Income Tax Reliefs |
2003-2004 |
2002-2003 |
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Personal allowance (Basic) |
£4,615 |
£4,615 |
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Personal allowance (age 65-74) |
£6,610 |
£6,100 |
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Personal allowance (age 75 & over) |
£6,720 |
£6,370 |
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Married couple's allowance (age 65 & born before
6/4/35)* |
£5,565 |
£5,465 |
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Married couple's allowance (age 75 & over)* |
£5,635 |
£5,535 |
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Income limit for age-related allowances |
£18,300 |
£17,900 |
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Blind person's allowance |
£1,510 |
£1,480 |
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Enterprise
Investment Scheme at 20%§ |
£150,000 |
£150,000 |
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Venture Capital Trust at 20% |
£100,000 |
£100,000 |
*Allowances where relief is restricted to 10%
§ CGT taper relief given on a cumulative basis
for serial investors. With effect from
6/4/99 for shares acquired after 5/4/98.
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