National Insurance
Contributions |
| Class 1 Employees Not
Contracted-Out of State Second Pension |
| |
04-05 |
03-04 |
| |
Employee |
Employer |
Employee |
Employer |
| NIC
rate |
11% |
12.8% |
11% |
12.8% |
| No
NICs on the first |
£91
pw |
£91
pw |
£89
pw |
£89
pw |
| NICs
charged up to |
£610
pw |
No
limit |
£595
pw |
No
limit |
| 1% NIC on earnings over |
£610 pw |
n/a |
£595 pw |
n/a |
| Certain married women |
4.85% |
As
above |
4.85% |
As
above |
| |
| Contracted-out Rebate |
04-05 |
03-04 |
| Rebate on |
£79.01 - £610 pw |
£77.01 - £595 pw |
| Salary-related scheme |
1.6% |
3.5% |
1.6% |
3.5% |
| Money-purchase scheme |
1.6% |
1.0% |
1.6% |
1.0% |
|
| |
| Limit or
Threshold |
04-05 |
03-04 |
| Weekly |
Monthly |
Annual |
Weekly |
Monthly |
Annual |
| Lower earnings limit |
£79 |
£342 |
£4,108 |
£77 |
£334 |
£4,004 |
| NICs
start |
£91 |
£395 |
£4,745 |
£89 |
£385 |
£4,615 |
| Upper earnings limit |
£610 |
£2,644 |
£31,720 |
£595 |
£2,579 |
£30,940 |
|
| |
| Contracted-Out
Rebate - Personal Pensions 04-05 |
| Slice of earnings pa |
£4,108-£11,600 |
£11,600-£26,600 |
£26,600-£31,720 |
| S2P pension accrual |
40% |
10% |
20% |
| Rebate |
Double rate below* |
Half rate below* |
As rate below* |
| Age
at 5 April 04 |
24 |
25 |
26 |
27 |
28 |
29 |
30 |
31 |
32 |
33 |
34 |
35 |
36 |
37 |
38 |
| Rebate % for 20%
accrual |
4.5 |
4.6 |
4.6 |
4.7 |
4.7 |
4.8 |
4.8 |
4.9 |
4.9 |
5.0 |
5.0 |
5.1 |
5.1 |
5.1 |
5.2 |
| Age
at 5 April 04 |
39 |
40 |
41 |
42 |
43 |
44 |
45 |
46 |
47 |
48 |
49 |
50 |
51 |
52 |
53+ |
| Rebate % for 20%
accrual |
5.2 |
5.3 |
5.3 |
5.5 |
5.7 |
5.9 |
6.0 |
6.2 |
6.4 |
6.6 |
7.2 |
8.0 |
9.0 |
10.1 |
10.5 |
| *Plus tax relief on employee's contributions: 0.45% |
|
| |
| Class 1A Employer
03-05 |
|
|
| On car and fuel
benefits and most other taxable benefits: 12.8% |
|
|
|
| |
04-05 |
03-04 |
| Self-employed |
|
|
| Class 2 |
Flat
rate |
£2.05 pw £106.60 pa |
£2.00 pw £104 pa |
| if
earnings over |
£4,215 pa |
£4,095 pa |
| Class 4 |
On
profits |
£4,745-£31,720 pa: 8% |
£4,615-£30,940 pa: 8% |
| |
Over
£31,720 pa: 1% |
Over
£30,940 pa: 1% |
| Voluntary |
|
|
|
| Class
3 |
Flat
rate |
£7.15 pw £371.80 pa |
£6.95 pw £361.40 pa |
|
| |
| © Copyright March 2004 subject to the Finance Act 2004
|
|
+ Basic State Pension
+ Capital
Gains Tax
+ Car Benefit
+
Car Fuel
+ Child Trust Fund
+ Corporation Tax
+ Employee Share
Schemes
+ Income Tax Rates
+ ISAs
+ Inheritance Tax
+ Main Capital Allowances
+
Main Tax Due Dates
+ Main Income Tax
Reliefs
+ National Insurance
+ Personal Pensions
+ Stamp
Duty
+ Tax Free Mileage
+ Value Added Tax
+
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