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     Inland Revenue Rates

Inland Revenue Rates and Allowances for 2003/04

Rates and allowances for income tax, corporation tax, capital gains tax, inheritance tax, stamp taxes, national insurance contributions and the pension schemes earnings cap are set out below.

    2002-03 (£)   2003-04 (£)   Increase (£)
Income Tax Allowances      
Personal allowance 4,615 4,615 0
Personal allowance for people aged 65-74 6,100 6,610 510
Personal allowance for people aged 75 and over 6,370 6,720 350
Income limit for age-related allowances 17,900 18,300 400
Married couple's allowance for people born before 6 April 1935 5,465 5,565 100
Married couple's allowance - aged 75 or more 5,535 5,635 100
Minimum amount of married couple's allowance 2,110 2,150 40
Blind person's allowance 1,480 1,510 30

Capital gains tax annual exempt amount:
Individuals etc: 7,700 7,900 200
Other trustees: 3,850 3,950 100

Inheritance tax threshold 250,000 255,000 5,000

Pension scheme earnings cap 97,200 99,000 1,800


Taxable bands 2002-03 (£)   2002-03 (£)   2003-04 (£)
Starting Rate 10 per cent 0 - 1,920 0 - 1,960
Basic rate 22 per cent 1,921 - 29,900 1,961 - 30,500
High rate 40 per cent Over 29,900 Over 30,500

Corporation tax profits 2002-03 (£)    
Starting rate zero 0 - 10,000 0 - 10,000
Marginal relief 10,001 - 50,000 10,001 - 50,000
Small companies rate 19 per cent 50,001 - 300,000 50,001 - 300,000
Marginal relief 300,001 - 1,500,000 300,001 - 1,500,000
Main rate 30 per cent 1,500,001 or more 1,500,001 or more

The main rate of corporation tax for 2004-05 will be 30 per cent.



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