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

Capital Gains Tax


Annual exempt amount 2003/04: individuals £7,900, trustees £3,950. Relief given for effect of inflation for periods of ownership up to April 1998. Tapering relief is based on complete years of ownership after 5 April 1998 (with one year added for ownership on 17.3.98 in the case of non-business assets):
 
Complete years owned for taper purposes: % of gain charged
  Business asset Non-business asset
1 year 50% 100%
2 years 25% 100%
3 years 25% 95%
4 years 25% 90%
5 years 25% 85%
6 years 25% 80%
7 years 25% 75%
 
Taper increases at 5% p.a. for non-business assets up to a maximum of 10 years (40% relief).
Taper rates were different for business assets disposed of prior to 6.4.02.
Retirement relief is abolished after 5.4.2003.
Net gains after all reliefs and annual exempt amount are taxed at marginal income tax rates for interest income (ie 10%, 20%, 40%).