Budget 2003


Introduction

Main Income Tax Reliefs

Income Tax Rates and Bands

Car Benefit Assessment

Tax Free Mileage Allowances

National Insurance Contributions

Personal Pensions and Retirement Annuity Premiums

Inheritance Tax

Value Added Tax

Capital Gains Tax

Corporation Tax

Main Capital Allowances

Stamp Duty

Earliest due dates for payment of tax

National Insurance Contributions


Class 1 (Employees)
  Within SERPS Contracted Out
    Salary Related Money Purchase
Employee contributions      
- on earnings between £89.01 and £595pw 11.0% 9.4% 9.4%
- on earnings above £595pw 1.0% 1.0% 1.0%
Employer contributions      
- on earnings between £89.01 and £595pw 12.8% 9.3% 11.8%
- on earnings above £595pw 12.8% 12.8% 12.8%
Employer contributions (at 12.8%) are due on most benefits in kind and on tax paid on an employee's behalf under a PAYE settlement agreement.
 
Class 2 (Self-employed)
Flat rate per week £2.00
Small earnings exception: profits per annnum £4,095
 
Class 3 (Voluntary)
Flat rate per week £6.95
 
Class 4 (Self-employed)
On profits £4,615 - £30,940 8.0%
On profits over £30,940 1.0%