| Tax
Free Mileage Allowances |
|
Higher
rate |
Lower
rate |
Cars up to 1500cc
Cars 1501-2000cc
Cars over 2000cc
Motorcycles
Bicycles
Business Passengers |
40p
40p
40p
24p
20p
5p |
25p
25p
25p
24p
20p
5p |
Higher rate allowed up to 10,000 business
miles
|
|
|
| Main
Income Tax Reliefs |
|
2002-2003 |
2001-2002 |
Personal allowance
Personal age allowance 65-74
" "
"
>74
Married couples age allowance 65-74
" "
"
"
>74
Age allowance income limit
Blind person's allowance
Children's tax credit
Children's tax credit - baby rate |
£4615
£6100
£6370
£5465
£5535
£17,900
£1480
£5290
£10,490 |
£4535
£5990
£6260
£5365
£5435
£17,600
£1450
£5200
- |
Limits |
|
|
Limit of loan for MIRAS
Charitable giving via payroll
Individual savings account annual limit
Gift aid
Rent a room exemption
Enterprise Investment Scheme
Venture Capital Trust |
Nil
Unlimited
£7000
No limit
£4250
£150,000
£100,000 |
Nil
Unlimited
£7000
No limit
£4250
£150,000
£100,000 |
| Income
Tax Rates and Bands |
Lower rate (10%) on first
Basic rate (D10%,I20%,O22%)on next
Higher rate (*) at taxable income >
(D32.5%,I40%, O40%) |
£1920
£27,980
£29,900 |
£1880
£27,520
£29,400 |
| (Rates in 2002-3 differ
for Dividends(D), Interest(I), Other(O) ) |
Sources - Treasury
- Inland Revenue |
|
|
See Also - NIC Rates,
Capital Gains Tax, Inheritance Tax
Tax Credits |
