Budget 2003

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




Tax Tables



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

 

Lower

Basic

Higher

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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