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.
 
INHERITANCE TAX
Rates on cumulative transfers
       
Rate
2005 / 06
2004 / 05
Nil on first    
£275,000
£263,000
40% on excess        


Chargeable lifetime transfers (e.g to discretionary trusts - 50% of death rates. Transfers on or within seven years of death - death rates apply subject to taper relief, reduces the tax due.


Years between gift and death
0 - 3
3 - 4
4 -5
5 - 6
6 - 7
% of tax due  
100
80
60
40
20
         

 
MAIN EXEMPTIONS
 
 
£
Spouse - both UK domiciled or transferor non domiciled    
Unlimited
Non domiciled spouse - UK domiciled transferor    
55,000
Annual gifts per donor    
3,000
Small gifts per donee not exceeding    
250
Marriage gifts by - parent  
5,000
  -grandparent  
2,500
  - other  
1000
Charities and political parties    
unlimited
       
Regular gifts out of surplus income are also exempt. Special reliefs for qualifying business property and agricultural property.
 

 
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.