|
|
 |
|
Income Tax rates |
Taxable Income |
|
| Rate of Tax |
2003/04 (£) |
2002/03 (£) |
|
| Lower rate 10% |
0-1,960 |
0-1,920 |
|
| Basic rate 22% |
1,961-30,500 |
1,921-29,900 |
|
| High rate 40% |
Over 30,500 |
Over 29,900 |
|
Above
the starting rate limit, savings income taxed at 20% for
basic rate tax payers and 40% above that, except on
dividends where the rates are 10% and 32.5%. |
|
| Main Personal Allowances |
2003/04 (£) |
2002/03 (£) |
|
| Personal allowance |
4,615 |
4,615 |
|
| Personal allowance (65-74) |
6,610 |
6,100 |
|
| Personal allowance (75 & over) |
6,720 |
6,370 |
|
| Married couple's allowance
(65-74) |
*5,565 |
*5,465 |
|
| Married couple's allowance (75
& over) |
*5,635 |
*5,535 |
|
| Age allowance income limit |
18,300 |
17,900 |
|
| Blind person's allowance |
1,510 |
1,480 |
|
* Relief restricted to 10%; only
available if either spouse born before 6 April 1935. |
|
| |
