Budget 2003 Introduction Personal Income Tax National Insurance 2003/04 Pensioners Employees Savings Capitals Gains Tax Stamp Duty Inheritance Tax Corporation Tax Business Tax Value Added Tax Other Measures Tax Tables National Insurance

National Insurance Table D Rates and limits for 2003/04   Class 1 Weekly Monthly Yearly Primary Threshold - employees £89 £385 £4,615 Upper Earnings Limit - employees £595 £2,579 £30,940 Secondary Threshold - employers £89 £385 £4,615   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 £77 pw qualify for benefit, and must be reported under PAYE, but no NICs are payable until earnings exceed £89 per week. The reduced Class 1 contributions payable by certain married women and widows rises to 4.85% for earnings between £89 and £595 per week, 1% above £595 pw.   Class 2 (Self-employed) Earnings over £4,095 per year £2.00 per week Class 3 (Voluntary) No limit applicable £6.95 per week Class 4 (Self-employed) Profits between £4,615 and £30,940 8%   Profits above £30,940 1%