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 3 of 31

Budget 2004

Personal Taxation

Taxable income		Rate	Cumulative tax
2004/2005	2003/ 2004		2004/ 2005	2003/ 2004
£	£	%	£	£
1-2,020	1-1,960	10	202.00	196.00
2,021-31,400	1,961-30,500	22	6,665.60	6,474.80
over 31,400	over 30,500	40	-	-

Savings income (excluding dividends) is taxed at 10% within the starting rate band and at 20% within the basic rate band.

Rate applicable to discretionary and accumulation and maintenance trusts 40% (34% 2003/2004) (see opposite re dividends)

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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