Income Tax Rates
  For individuals and for Discretionary Trusts
Personal Allowances
  Allowances that reduce taxable income and Allowances that reduce tax
Taxable Company Car Benefits
  Scale Charge Calculator, Company Car Fuel Benefits and Inland Revenue Authorised Mileage Rates
Investments
  Investments Limits
Approved Employee Share Incentives
  Enterprise Manangement Incentive, Company Share Option Plan, Share Incentive Plan (Annual limits) and Savings Related Share Option
Pension Contributions
  Pensions
Corporation Tax
  Corporation Tax
Tax Credits
  Tax Credits
Taxable Social Security Benefits
  Main Taxable Social Security Benefits
National Insurance Contribution
  Employee, self employed, employer and voluntary contributions.
Inheritance Tax
  Rates on cumulative transfers and Main Exemptions.
Interest on Tax
  Annual Rates
Capital Gains Tax
  Annual exemptions and Taper relief
Civil Partnership Act 2004
  Civil Partnership Act 2004
Employer Provided Benefits
  Vans, Supported Childcare and Loaned Computing equipment.
Capital Allowances
  Plant & Machinery, Private Motor Cars and Other Items.
Stamp Duty
  Stamp Duty and Land Tax
Value Added Tax ( VAT )
  Vans, Supported Childcare and Loaned Computing equipment.
 
CAPITAL GAINS TAX
  • Tax is charged at 10%, 20% and the 40% in chargeable gains as if they were additional savings income.
  • Trustees and personal representatives gains are charged at 40% for 2005/06
  • Indexation allowance frozen as at 5 April 1998 for individuals and trusts.
 
2005 / 06
£
2004 / 05
£
Annual exemptions    
8,500
8,200
Individuals and personal reps    
8,500
8,200
Trusts for disabled persons    
4,250
4,100
Other trusts    
6,000
6,000
Chattels exemption - proceeds upto    
No Limit
No Limit
Transfers between husband and wife living together.    

 
TAPER RELIEF
 
Business assets
Non-business assets
Whole years asset owned
% of gain chargeable
Whole years asset owned
% of gain chargeable
Whole years asset owned
% of gain chargeable
1
50
1
100
6
80
2 or more
25
2
100
7
75
Whole years asset owned
% of gain chargeable
3
95
8
70
Whole years asset owned
% of gain chargeable
4
90
9
65
Whole years asset owned
% of gain chargeable
5
85
10 or more
60
All non-business assests acquired before 17 March 1998 qualify for one additional year of ownership. Appointment of gain may be required where asset has not been a business throughout period of ownership after 17 March 1998.
 

 
Important Notice
Whilst every effort has been made to ensure accuracy, information contained in these Tax Tables may not be comprehensive and readers should not act upon it without seeking professional advice. These figures are based on the budget statement of 16 March 2005 and may be affected by subsequent legislation.