Budget 2005

Introduction

Personal Income Tax

Tax Credits

National Insurance Contributions

Employees

Pensioners

Savings

Trusts

Capital Gains Tax

Stamp Duty Land Tax

Inheritance Tax

Corporation Tax

Business Tax

Value Added Tax

Other Measures

Tax Tables

National Insurance

 


National Insurance

 

Table D
Rates and limits for 2005/06

 

Class 1

Weekly

Monthly

Yearly

Primary Threshold - employees

£94

£408

£4,895

Upper Earnings Limit - employees

£630

£2,730

£32,760

Secondary Threshold - employers

£94

£408

£4,895

 

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 £82 per week qualify for benefit, and must be reported under PAYE, but no NICs are payable until earnings exceed £94 per week.

The reduced Class 1 contributions payable by certain married women and widows rises to 4.85% for earnings between £94 and £630 per week, 1% above £630 per week.

 

Class 2 (Self-employed)

Earnings over £4,345 per year

£2.10 per week

Class 3 (Voluntary)

No limit applicable

£7.35 per week

Class 4 (Self-employed)

Profits between £4,895 and £32,760

8%

 

Profits above £32,760

1%


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