| Personal
Taxation - 2001/02 Income Tax Rates:
Taxable
income
|
Rate
|
£
|
%
|
1 - 1,880
|
10
|
1,881 - 29,400
|
22
|
over 29,400
|
40
|
10% starting
rate applies to savings income, excluding
dividends, on income up to the basic rate band.
Dividends are taxed at the rate of 10% for lower
and basic rate taxpayers and 32.5% for higher
rate taxpayers.
Personal
Allowances:
| |
£
|
| Personal |
4,535 |
| Children's tax credit ø |
5,200 |
| Blind person's |
1,450 |
| Age allowance 65 - 74 § |
|
| - personal |
5,990 |
| - married couple's * |
5,365 |
| - income limit for full
relief |
17,600 |
| Age allowance 75 and over § |
|
| - personal |
6,260 |
| - married couple's * |
5,435 |
| - income limit for full
relief |
17,600 |
ø Relief is
restricted to 10%.
§ Reduced by £1
for every £2 income in excess of limit until
minimum allowance of £2000 (for Married Couple's
Allowance) is reached or single personal
allowance limit is reached.
* Married Couple's
Allowance is only avaliable if either spouse is
born before 6 April 1935. Relief is restricted to
10% and is subject to the income restriction
noted at §.
Capital
Gains Tax:
Charges at 10%, 20%
or 40% depending on other income and special
reliefs.
Inheritance
Tax:
| Transfers on death |
|
From 6 April
2001
|
Rate
|
£
|
%
|
1 - 242,000
|
nil
|
over 242,000
|
40
|
Business
Taxation
Corporation
Tax *:
| Year to |
31 March
2001 |
| Rate |
30% |
| Small companies rate § |
20% |
| - profits up to |
£300,000 |
| Marginal band |
|
| - lower limit |
£300,000 |
| - upper limit |
£1,500,000 |
| - effective rate |
32.5% |
| - marginal relief fraction |
1/40 |
* Self
assessment for companies applies in respect of
accounting periods ending on or after 1 July 1999.
§ 10% starting
rate (year to 31 March 2002) on profits up to £10,000.
22.5% effective rate on profits between £10,000
- £50,000.
|
