Budget 2005
Introduction
Personal Income Tax
Tax Credits
National Insurance Contributions
Employees
Pensioners
Savings
Trusts
Capital Gains Tax
Stamp Duty Land Tax
Inheritance Tax
Corporation Tax
Business Tax
Value Added Tax
Other Measures
Tax Tables
National Insurance
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Tax Tables
Table A
Allowances and Reliefs |
| |
2005/06 |
2004/05 |
| |
| Allowed at top rate of tax |
|
|
| Personal Allowance |
£4,895 |
£4,745 |
| Personal Allowance (65-74)* |
7,090 |
6,830 |
| Personal Allowance (75+)* |
7,220 |
6,950 |
| Blind Person's Allowance |
1,610 |
1,560 |
| |
| Allowed only at 10% |
|
|
| Married Couple's Allowance (65-74)* |
5,905 |
5,725 |
| Married Couple's Allowance (75+)* |
5,975 |
5,795 |
| Income Limit for age-related allowances |
19,500 |
18,900 |
| |
* 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 £2,280 (2004/05: £2,210).
|
| |
| Bands |
2005/06 |
2004/05 |
| Lower |
£2,090 |
£2,020 |
| Basic |
next 30,310 |
next 29,380 |
| Higher |
over 32,400 |
over 31,400 |
| |
| Rates differ for Dividend, Interest and Other income within each band: |
| |
| Rates |
2005/06 and 2004/05 |
|
|
| D |
I |
O |
| 10% |
10% |
10% |
| 10% |
20% |
22% |
| 32.5% |
40% |
40% |
|
| |
Table B
Personal Pensions: earnings cap £105,600 (2004/05 - £102,000) |
| |
| |
Percentage |
2005/06 |
2004/05 |
| Age on 6 April 2005 (2004 for 2004/2005) |
|
maximum |
maximum |
| 35 or less |
17.5% |
£18,480 |
£17,850 |
| 36 - 45 |
20.0% |
21,120 |
20,400 |
| 46 - 50 |
25.0% |
26,400 |
25,500 |
| 51 - 55 |
30.0% |
31,680 |
30,600 |
| 56 - 60 |
35.0% |
36,960 |
35,700 |
| 61 - 74 |
40.0% |
42,240 |
40,800 |
|
| |
Table C
Benefits In Kind |
Car Benefit Assessment 2005/06
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 2005/06 the percentage for a petrol engine is 15% for ratings up to 140g/km. The percentage increases by 1% for every complete 5g/km in excess of this (ie at 145, 150 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 2005/06 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.). |
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