Budget 2005


Personal Income Tax

Tax Credits

National Insurance Contributions





Capital Gains Tax

Stamp Duty Land Tax

Inheritance Tax

Corporation Tax

Business Tax

Value Added Tax

Other Measures

Tax Tables

National Insurance


Inheritance Tax

Thresholds and rates

The starting point for IHT will be £275,000 from 6 April 2005 (2004/05: £263,000), an increase very slightly above the rate of inflation. The Chancellor announced that the limit will rise to £285,000 on 6 April 2006 and £300,000 a year later - making the assumption that there will be no change of government in the meantime. At these levels, it is estimated that 37,000 estates - 6% of the total - will pay IHT in 2005/06.

Pre-owned assets

In December 2003, the Chancellor announced a new tax charge on people who have managed to remove some of the value from their estate which is chargeable to IHT, but who still have use and enjoyment, or possible access to, the assets. The resulting rules are very complex and controversial, and they come into force on 6 April 2005. Some of the details of the calculation of the charge have only very recently been announced, and some regulations are yet to be published.

Tax Trap
Are you caught by the pre-owned assets tax?

Website designed by

budget 2014 | budget 2013 | budget 2012 | budget 2011 |
budget 2009| budget 2008 | budget 2007 | budget 2006 | budget 2005 | budget 2004 |
budget 2003 | accountants | about us | services | testimonials | links | map | contact us |
Regulated by the Association of Chartered Certified Accountants