Table A
Allowances and Reliefs
|
|
2003/04
|
2002/03
|
Allowed at top rate of tax
|
|
|
Personal Allowance
|
£4,615
|
£4,615
|
Personal Allowance (65-74)*
|
6,610
|
6,100
|
Personal Allowance (75+)*
|
6,720
|
6,370
|
Blind Person's Allowance
|
1,510
|
1,480
|
| |
Allowed only at 10%
|
|
|
Children's Tax Credit**
|
-
|
£5,290
|
Children's Tax Credit - baby rate***
|
-
|
10,490
|
Married Couple's Allowance (65-74)*
|
5,565
|
5,465
|
Married Couple's Allowance (75+)*
|
5,635
|
5,535
|
Income Limit for age-related allowances
|
18,300
|
17,900
|
| |
* 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 £2,150 (2002/03: £2,110).
** Reduced by £2 for every £3 of income
charged at higher rate.
*** Only available in the year of the child's
birth. Reduced like basic CTC.
|
Bands
|
2003/04
|
2002/03
|
Lower
|
£1,960
|
£1,920
|
Basic
|
next 28,540
|
next 27,980
|
Higher
|
over 30,500
|
over 29,900
|
| |
Rates differ for Dividend, Interest and Other income
within each band:
|
Rates
|
2003/04 and 2002/03
|
|
|
D
|
I
|
O
|
10%
|
10%
|
10%
|
10%
|
20%
|
22%
|
32.5%
|
40%
|
40%
|
|
| |
Table B
Personal Pensions: earnings cap £99,000
(2002/03 - £97,200)
|
|
Percentage
|
2003/04
|
2002/03
|
Age on 6 April 2003 (2002 for 2002/2003)
|
|
maximum
|
maximum
|
35 or less
|
17.5%
|
£17,325
|
£17,010
|
36 - 45
|
20.0%
|
19,800
|
19,440
|
46 - 50
|
25.0%
|
24,750
|
24,300
|
51 - 55
|
30.0%
|
29,700
|
29,160
|
56 - 60
|
35.0%
|
34,650
|
34,020
|
61 - 74
|
40.0%
|
39,600
|
38,880
|
|
Table C
Benefits In Kind
|
Car Benefit Assessment 2003/04
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 2003/04 the percentage for a petrol engine is 15%
for ratings up to 155g/km. The percentage increases by 1%
for every complete 5g/km in excess of this (ie at 160, 165
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 2003/04 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.). In previous years
the charge was based on engine capacity and fuel type.
|
|
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