Business Advice

Article Index
Budget 2005
Personal Allowances
Taxation of Dividends
Personal Reliefs
Benefits in Kind
Advisory Fuel Rates for Company Cars
Tax Free Approved Mileage Rates
Enterprise Investment Scheme (EIS)
Venture Capital Trusts (VCT)
Approved Employee Share Schemes
Individual Savings Accounts (ISA)
Child Trust Fund
Personal Pension Plans (PPP) And Retirement Annuity Plans (RAP)
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 (NIC)
Tax Credits
Gifts To Charities
Landfill Tax
Insurance Premium Tax
Aggregates Levy
Climate Change Levy
Stamp Duty
Dates For Payment Of Tax

Page 1 of 30

Budget 2005

Income Tax Rates

Taxable income		Rate	Cumulative tax
2005/ 2006	2004/ 2005		2004/ 2005	2003/ 2004
£	£	%	£	£
1-2,090	1-2,020	10	209.00	202.00
2,091-32,400	2,021-31,400	22	6,877.20	6,665.60
over 32,400	over 31,400	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% above standard rate band of £500 (40% on all income 2004/2005)

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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