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Personal Allowances

Annex I

Personal Allowances

2000/01 2001/02 2002/03

£

£

£ Personal allowance - under 65

4,385

4,535

4,615 - 65 to 74

5,790

5,990

6,100 - 75 and over

6,050

6,260

6,370 Married couple’s allowance - born before 6 April 1935

5,185

5,365

5,465 - 75 or more

5,255

5,435

5,535 Minimum married couple’s allowance

2,000

2,070

2,110 Income limit for age related allowances

17,000

17,600

17,900 Children’s tax credit

-

5,200

5,290 Children’s tax credit - baby rate

-

-

10,490 Blind person’s allowance

1,400

1,450

1,480

Income tax rates on taxable income

Rate

Band

£ 2000/01

Starting (10%)

0 - 1,520

Basic (22%)

1,521 - 28,400

Higher (40%)

Over 28,400

2001/02

Starting (10%)

0 - 1,880

Basic (22%)

1,881 - 29,400

Higher (40%)

Over 29,400 2002/03

Starting (10%)

0 - 1,920

Basic (22%)

1,921 - 29,900

Higher (40%)

Over 29,900

Capital gains tax

Annual exemption (Individuals)

2000/01

£7,200

2001/02 £7,500

2002/03

£7,700

Corporation tax rates

Year beginning Full Rate Small Companies

Rate Upper profit limit

Marginal relief

Upper profit limit Relief fraction 1 April 2000 30% 20%

£300,000

£1,500,000

1/40 1 April 2001 30% 20%

£300,000

£1,500,000

1/40 1 April 2002 30% 19% £300,000

£1,500,000

11/400

Advance corporation tax (ACT) was abolished in April 1999.