Teletext Recovery Viewer

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P269 CEEFAX 269 Thu 13 Jan 22:11/40   1/6  TAX GUIDE    INHERITANCE TAX IHT is charged on certain lifetime gifts, on the wealth of the estate at death and on some trust deals. Tax is paid by the donor when the exemption threshold is reached. For year to 5 April: 1994 1995 RATE To £150,000 To £150,000 0% Over £150,000 Over £150,000 40% Tapering relief for charges on gifts within seven years of death: Years 0-3 3-4 4-5 5-6 6-7 % payable 100 80 60 40 20 Source: Blay's Guides Annuities Economy CityHeads BestRates
P269 CEEFAX 269 Thu 13 Jan 21:41/12   2/6  TAX GUIDE    EXEMPTIONS FROM INHERITANCE TAX 1993/4 1994/5 Gift per donor pa £3,000 £3,000 Gifts per donee £250 £250 Marriage Gifts: from parent £5,000 £5,000 from grandparent £2,500 £2,500 from other £1,000 £1,000 Gifts to individuals and certain trusts over 7 years before death. No IHT is payable on transfers to a surviving spouse. Source: Blay's Guides Annuities Economy CityHeads BestRates
P269 CEEFAX 269 Thu 13 Jan 21:00/22   3/6  TAX GUIDE    OTHER TAXES Value Added Tax - standard rate 17.5% Stamp Duty - shares 0.5% - land transfers (£60,000 or more) 1.0% Vehicle Licence - 12 months £130.00 Television Licence - colour £83.00 - black and white £27.50  Annuities Economy CityHeads BestRates
P269 CEEFAX 269 Thu 13 Jan 21:02/14   4/6  TAX GUIDE    PERSONAL ALLOWANCES In yr to 5 April Age 1993 1994 Personal <65 £3,445 £3,445 Married Couple <65 £1,720 £1,720 Personal * 65-74 £4,200 £4,200 Married Couple* 65-74 £2,465 £2,465 Personal * >75 £4,370 £4,370 Married Couple* >75 £2,505 £2,505 * Age allowance is reduced by £1 for every £2 that income exceeds £14,200 (unchanged from 1993) to a minimum of the normal <65 personal or married couple's allowance.  Annuities Economy CityHeads BestRates
P269 CEEFAX 269 Thu 13 Jan 21:12/35   5/6  TAX GUIDE    PERSONAL ALLOWANCES YEAR TO 5 APRIL 1993 1994 Widows bereavement £1,720 £1,720 Additional Personal for single parents £1,720 £1,720 Blind person £1,080 £1,080 Mortgage Int Loan Limit at 25% tax relief £30,000 £30,000 Business Expansion Scheme to end 31/12/93 £40,000 £40,000 Redundancy payment £30,000 £30,000 Charitable donations limit from payroll £600 £900   Source: Blay's Guides Annuities Economy CityHeads BestRates
P269 CEEFAX 269 Thu 13 Jan 21:14/08   6/6  TAX GUIDE    INCOME TAX Taxable income in year to 5 April 1993 1994 RATE £0-£2,000 £0-£2,500 20% £2K-£23,700 £2,501—£23,700 25% over £23,700 over £23,700 40% Husband & wife are taxed separately on their income. Both have personal and investment allowances. Before 5 April each year married couples can give notice to share the MCA equally or to allocate it all to one of them. Taxable income is income less personal allowances. Source: Blay's Guides Annuities Economy CityHeads BestRates