Table A
Allowances and Reliefs |
| |
2003/04 |
2002/03 |
| |
| Allowed at top rate of tax |
|
|
| Personal Allowance |
£4,615 |
£4,615 |
| Personal Allowance (65-74)* |
6,610 |
6,100 |
| Personal Allowance (75+)* |
6,720 |
6,370 |
| Blind Person's Allowance |
1,510 |
1,480 |
| |
| Allowed only at 10% |
|
|
| Children's Tax Credit** |
- |
£5,290 |
| Children's Tax Credit - baby rate*** |
- |
10,490 |
| Married Couple's Allowance (65-74)* |
5,565 |
5,465 |
| Married Couple's Allowance (75+)* |
5,635 |
5,535 |
| Income Limit for age-related allowances |
18,300 |
17,900 |
| |
* Age allowances are reduced £1 for every
£2 by which income exceeds the income limit, until the
age allowance is reduced to the normal allowance. Personal allowance
is reduced before married couple's allowance. MCA is reduced
to a minimum of £2,150 (2002/03: £2,110).
**
Reduced by £2 for every £3 of income charged at higher
rate.
*** Only available in the year of the
child's birth. Reduced like basic CTC.
|
| |
| Bands |
2003/04 |
2002/03 |
| Lower |
£1,960 |
£1,920 |
| Basic |
next 28,540 |
next 27,980 |
| Higher |
over 30,500 |
over 29,900 |
| |
| Rates differ for Dividend, Interest and Other
income within each band: |
| |
| Rates |
2003/04 and 2002/03 |
| |
| D |
I |
O |
| 10% |
10% |
10% |
| 10% |
20% |
22% |
| 32.5% |
40% |
40% |
|
| |
Table B
Personal Pensions: earnings cap £99,000 (2002/03 - £97,200) |
| |
| |
Percentage |
2003/04 |
2002/03 |
| Age on 6 April 2003 (2002 for 2002/2003) |
|
maximum |
maximum |
| 35 or less |
17.5% |
£17,325 |
£17,010 |
| 36 - 45 |
20.0% |
19,800 |
19,440 |
| 46 - 50 |
25.0% |
24,750 |
24,300 |
| 51 - 55 |
30.0% |
29,700 |
29,160 |
| 56 - 60 |
35.0% |
34,650 |
34,020 |
| 61 - 74 |
40.0% |
39,600 |
38,880 |
|
| |
Table C
Benefits In Kind |
Car Benefit Assessment 2003/04
Charge based on a percentage of the initial list price of the
car; the percentage depends on the carbon dioxide emission
ratings of the car, if it has one. For older cars without a
rating, the percentage depends on engine capacity.
For 2003/04 the percentage for a petrol engine is 15% for
ratings up to 155g/km. The percentage increases by 1% for
every complete 5g/km in excess of this (ie at 160, 165 etc),
to a maximum of 35%. Diesel cars have 3% added to this
figure, but still have a maximum percentage of 35%. |
| |
Car Fuel Assessment
For 2003/04 the benefit will be calculated using the same percentage
as that used for the car benefit, applied to a standard figure
of £14,400.
The taxable amount will therefore be between £2,160 (15%
- min.) and £5,040 (35% - max.). In previous years
the charge was based on engine capacity and fuel type. |