Budget 2002

BALES, Chartered Accountants, Nailsea

Business accounting, taxation, computing and planning. Personal taxation.

Specialising in providing a full and friendly service for small to medium sized businesses and a personal tax service tailored to the needs of individuals. Serving clients both local and distant

Budget 2003 page

Tax tables 2003/2004 (also 2002/2003, 2001/2002, 2000/2001 and 1999/2000)

Changes for 2003 / 2004 are highlighted in emboldened red

Income Tax - Personal Allowances
	Tax Fiscal Year					2003/2004							2002/2003	2001/2002	2000/2001	1999/2000
		Personal Allowance			£4,615								£4,615	£4,535	£4,385	£4,335
		Married Couples allowance			n/a								n/a	n/a	n/a	£1,970
		Additional Personal Allowance			n/a								n/a	n/a	n/a	£1,970
		Widow's Bereavement Allowance (ceased for deaths after 5 April 2000)			n/a								n/a	n/a	£2,000	£1,970
		Blind Person's Allowance			£1,510								£1,480	£1,450	£1,400	£1,380
		Age Allowance Income Limit			£18,300								£17,900	£17,600	£17,000	£16,800
		Age Allowances - 65 to 74
				Personal Allowance						£6,610			£6,100	£5,990	£5,790	£5,720
				Married Couples Allowance						£5,565			£5,465	£5,365	£5,185	£5,125
		Age Allowances - 75 and over
				Personal Allowance						£6,720			£6,370	£6,260	£6,050	£5,980
				Married Couples Allowance						£5,635			£5,535	£5,435	£5,255	£5,195
Income Tax - Rates									2003/2004				2002/2003	2001/2002	2000/2001	1999/2000
		Starting / Lower rate						10%					10%	10%	10%	10%
				On income up to						£1,960			£1,920	£1,880	£1,520	£1,500
		Basic rate						22%					22%	22%	22%	23%
				On taxable income from Starting / Lower rate limit up to -						£30,500			£29,900	£29,400	£28,400	£28,000
		Higher rate						40%					40%	40%	40%	40%
				On taxable income over						£30,500			£29,900	£29,400	£28,400	£28,000
Capital Gains Tax
		Tax Fiscal Year						2003/2004					2002/2003	2001/2002	2000/2001	1999/2000
		General Exemption limit						£7,900					£7,700	£7,500	£7,200	£7,100
			General rate of tax, as applicable (taxed as top slice of income)									10% / 20% / 40%	10% / 20% / 40%	10% / 20% / 40%	10% / 20% / 40%	20% / 40%
		Settlements Exemption limit									£3,950		£3,850	£3,750	£3,600	£3,550
				Trustees and Personal Representatives rate of tax (subject to taper relief if applicable)						34%			34%	34%	34%	34%
Inheritance Tax
		Tax Fiscal Year						2003/2004					2002/2003	2001/2002	2000/2001	1999/2000
		Threshold			£255,000								£247,000	£242,000	£234,000	£231,000
				Death rate			40%						40%	40%	40%	40%
Corporation Tax
		Year commencing			1 April 2003								1 April 2002	1 April 2001	1 April 2000	1 April 1999
		Starting rate (£0 - £10,000)			0%								0%	10%	10%	20%
		Lower marginal rate (£10,001 - £50,000)			23.75%								23.75%	22.5%	22.5%	20%
		Small Companies rate (£50,001 - £300,000)			19%								19%	20%	20%	20%
		Upper marginal rate (£300,001 - £1,500,000)			32.75%								32.75%	32.5%	32.5%	32.5%
		Standard rate (over £1,500,000)			30%								30%	30%	30%	30%
VAT
		From			1 April 2003								1 April 2002	1 April 2001	1 April 2000	1 April 1999
		Standard rate			17.5%								17.5%	17.5%	17.5%	17.5%
				Fraction of VAT inclusive total			7 / 47 ths (14.893617%)						7 / 47 ths (14.893617%)	7 / 47 ths (14.893617%)	7 / 47 ths (14.893617%)	7 / 47 ths (14.893617%)
		Registration threshold (last 12 months or coming 30 days over)								£56,000 (from 9 April 2003)			£55,000 (from 25 April 2002)	£54,000	£52,000	£51,000
		Deregistration threshold (coming year under)								£55,000 (from 9 April 2003)			£54,000 (from 25 April 2002)	£52,000	£50,000	£49,000
		Cash accounting scheme (coming year up to)			£600,000								£600,000	£600,000	£350,000	£350,000
Main Capital Allowances, from 1 April 1999
		Related to basis periods for taxation purposes - Plant and machinery with expected life of less than 25 years
		Motor cars (maximum £3,000 p.a. per car other than for some specifically defined categories) -												25% of reducing balance.
		Plant & Machinery: Writing Down Allowances -												25% of reducing balance.
		Plant & Machinery: First Year Allowances on information and communication technology equipment for small sized businesses (computer hardware, computer software and Internet-enabled telephones) -												100% on expenditure on or after 1 April 2000 until 31 March 2004. (40% on expenditure between 2 July 1998 and 31 March 2000).
		Plant & Machinery: First Year Allowances on other qualifying expenditure for small / medium firms -												40% on expenditure since 2 July 1998.
		- Plant and machinery with expected life of 25 years or more
		Where expenditure exceeds £100,000, Writing Down Allowance restricted												6% of reducing balance
		- Industrial and Agricultural Buildings, Hotels -
		Writing Down Allowance												4% of cost

Please contact Chris Bales for further information.

Telephone: 01275 854237, Facsimile: 01275 855058, E-mail: c.bales@bales.uk.com

15 Cheddar Close, Nailsea, Bristol BS48 4YA (UK)

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