Article Index
Budget 2004
Introduction
Income Tax Rates
Personal Allowances
Taxation of Dividends
Personal Reliefs
Benefits in Kind
Tax Free Approved Mileage Rates
Enterprise Investment Scheme (EIS)
Venture Capital Trusts (VCT)
Approved Employee Share Schemes
Individual Savings Accounts (ISA)
Tax Exempt Special Savings Accounts
Personal Pension
Capital Gains Tax
Inheritance Tax
Corporation Tax (Corporate Tax)
Corporate Capital Gains
Corporate Venturing Scheme
Construction Industry Scheme
Capital Allowances and Reliefs
Value Added Tax
National Insurance Contributions (NICs)
Miscellaneous
Gifts to Charities
Landfill Tax
Insurance Premium Tax
Aggregates Levy
Climate Change Levy
Stamp Duty
Income tax and capital gains tax

Page 17 of 31

Budget 2004

Business Taxation

Corporation Tax (Corporate Tax)

Year to	31 March 2004 and 2005
*Starting rate**†	0%
profits up to	£10,000

Marginal relief band
lower limit	£10,000
upper limit	£50,000
marginal rate	23.75%
marginal relief fraction	19/400

*Small companies rate**	19%
lower limit	£50,000
upper limit	£300,000

Marginal relief band
lower limit	£300,000
upper limit	£1,500,000
marginal rate	32.75%
marginal relief fraction	11/400

*Full Rate*	30%

Profit limits reduced for a company in a group or with associated companies

* Not available to close investment holding companies
† For profits distributed after 31 March 2004 a minimum rate of 19% applies

The figures shown here are subject to ammendment as the Finance Bill passes through Parliament.

This information has been prepared only as a topical guide to tax and personal financial matters. No responsibility can be accepted by us for loss occasioned to any person acting or refraining from acting as a result of any material contained in this publication.

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