Budget 2004

Grant Thornton


Personal Taxation

Grant Thornton

Taxable income
Rate
Cumulative tax

2004/2005

2003/
2004
 
2004/
2005
2003/
2004
£
£
%
£
£
1-2,020
1-1,960
10
202.00
196.00
2,021-31,400
1,961-30,500
22
6,665.60
6,474.80
over 31,400
over 30,500
40

Savings income (excluding dividends) is taxed at 10% within the starting rate band and at 20% within the basic rate band.

Rate applicable to discretionary and accumulation and maintenance trusts 40% (34% 2003/2004) (see opposite re dividends)

The figures shown here are subject to ammendment as the Finance Bill passes through Parliament.

This information has been prepared only as a topical guide to tax and personal financial matters. No responsibility can be accepted by us for loss occasioned to any person acting or refraining from acting as a result of any material contained in this publication.

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