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

Personal Pensions (PPPs) and Retirement Annuity Premiums (RAPs)


Max contributions: % Of Net Relevant Earnings
Age at beginning of year RAPs% PPPs%
35 or less 17.5 17.5
36 - 45 17.5 20.0
46 - 50 17.5 25.0
51 - 55 20.0 30.0
56 - 60 22.5 35.0
61 and over 27.5 40.0
 
Maximum net relevant earnings for 2003/04 PPPs: £99,000.
No limit for RAPs.
People with no net relevant earnings can pay contributions of £3,600 gross in 2003/04, except for some members of occupational pension schemes and those aged 75 and over.