Budget 2004 - Back to Menu

Main Income Tax reliefs Allowed at top rate of tax 2004/05 2003/04 Personal Allowance £4,745 £4,615 Personal Allowance (65-74)* 6,830 6,610 Personal Allowance (75+)* 6,950 6,720 Blind Person's Allowance 1,560 1,510   Allowed only at 10%     Married Couple's Allowance (65-74)* 5,725 5,565 Married Couple's Allowance (75+)* 5,795 5,635 Income Limit for age-related allowances 18,900 18,300   * 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 £2,210 (2003/04: £2,150).   Important limits 2004/05 2003/04 Individual Savings Account annual limit £7,000 £7,000 Rent a room exemption 4,250 4,250 Enterprise Investment Scheme annual limit * 200,000 * 150,000 Venture Capital Trust annual limit ** 200,000 * 100,000   * Relief restricted to 20% ** Relief at 40%