Budget 2003

 
Introduction
Personal Income Tax
National Insurance 2003/04
Pensioners
Employees
Savings
Capitals Gains Tax
Stamp Duty
Inheritance Tax
Corporation Tax
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Value Added Tax
Other Measures
Tax Tables
National Insurance
 
   




National Insurance


Table D
Rates and limits for 2003/04

 

Class 1

Weekly

Monthly

Yearly

Primary Threshold - employees

£89

£385

£4,615

Upper Earnings Limit - employees

£595

£2,579

£30,940

Secondary Threshold - employers

£89

£385

£4,615

 

Employer's Contribution

Contracted In

Contracted Out

 

 

Salary Related Scheme

Money Purchase Scheme

On earnings up to threshold

Nil

Nil

Nil

On earnings between threshold and upper earnings limit

12.8%

9.3%

11.8%

On earnings above upper earnings limit

12.8%

12.8%

12.8%

 

Employee's Contribution

Contracted in: 11% on earnings between lower and upper limits, 1% above upper limit.
Contracted Out: 9.4% on earnings between lower and upper limits, 1% above upper limit.

Earnings over £77 pw qualify for benefit, and must be reported under PAYE, but no NICs are payable until earnings exceed £89 per week.

The reduced Class 1 contributions payable by certain married women and widows rises to 4.85% for earnings between £89 and £595 per week, 1% above £595 pw.

 

Class 2 (Self-employed)

Earnings over £4,095 per year

£2.00 per week

Class 3 (Voluntary)

No limit applicable

£6.95 per week

Class 4 (Self-employed)

Profits between £4,615 and £30,940

8%

 

Profits above £30,940

1%



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