Table A
Allowances and Reliefs |
|
2004/05 |
2003/04 |
Allowed at top rate of tax |
|
|
Personal Allowance |
£4,745 |
£4,615 |
Personal Allowance (65-74)* |
6,830 |
6,610 |
Personal Allowance (75+)* |
6,950 |
6,720 |
Blind Person's Allowance |
1,560 |
1,510 |
|
Allowed only at 10% |
|
|
Married Couple's Allowance (65-74)* |
5,725 |
5,565 |
Married Couple's Allowance (75+)* |
5,795 |
5,635 |
Income Limit for age-related allowances |
18,900 |
18,300 |
|
* 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 £2,210 (2003/04: £2,150).
|
|
Bands |
2004/05 |
2003/04 |
Lower |
£2,020 |
£1,960 |
Basic |
next 29,380 |
next 28,540 |
Higher |
over 31,400 |
over 30,500 |
|
Rates differ for Dividend, Interest and Other
income within each band: |
Rates |
2004/05 and 2003/04 |
|
D
|
I
|
O
|
Lower
|
10%
|
10%
|
10%
|
Basic
|
10%
|
20%
|
22%
|
Higher
|
32.5%
|
40%
|
40%
|
|
|
|
Table B
Personal Pensions: earnings cap £102,000 (2003/04 - £99,000) |
|
Percentage |
2004/05 |
2003/04 |
Age on 6 April 2004 (2003 for 2003/2004) |
|
maximum |
maximum |
35 or less |
17.5% |
£17,850 |
£17,325 |
36 - 45 |
20.0% |
20,400 |
19,800 |
46 - 50 |
25.0% |
25,500 |
24,750 |
51 - 55 |
30.0% |
30,600 |
29,700 |
56 - 60 |
35.0% |
35,700 |
34,650 |
61 - 74 |
40.0% |
40,800 |
39,600 |
|
|
Table C
Benefits In Kind |
Car Benefit Assessment 2004/05
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 2004/05 the percentage for a petrol engine is 15%
for ratings up to 145g/km. The percentage increases by 1%
for every complete 5g/km in excess of this (ie at 150, 155
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 2004/05 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.).
|
|