HM Treasury’s United Kingdom Budget 2005

brought to you courtesy of Grant Thornton

brought to you courtesy of Grant ThorntonIncome Tax Rates

Taxable income
Rate
Cumulative tax
2005/
2006
2004/
2005
 
2004/
2005
2003/
2004
£
£
%
£
£
1-2,090
1-2,020
10
209.00
202.00
2,091-32,400
2,021-31,400
22
6,877.20
6,665.60
over 32,400
over 31,400
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% above standard rate band of £500 (40% on all income 2004/2005)

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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