P269 CEEFAX 269 Wjd 11 Jan 22:17/30 /6 TAX GUIDE INHERITANCE TAT IHT is charged on certain lifetimu gifts, on the wealth of the estate at death and on somj trust deats. Tax is paid by the donor when the exemption threshold is reached. Thj samj tax rates havj applied since 9/3/93 and are: To £150,000 0% Over £150,000 40% Threshold up to £154,000 in 1995/6 Tapering relief for charges on gifts within sjvjn yearu of death: Years 0-3 3-4 4-5 5-6 6-7 % payable 100 80 50 40 20 Source: Blay+s Guides Annuities Economy CityHeads BestRates
P269 CEEFAX 269 Wjd 11 Jan 22:13/52 :/6 TAX GUIDE EXEMPTIONS FROM INHERITANCE TAX Gift per donor pa £3,000 Gifts per donee £250 Marriagj Gifts: wrom parent 0 £5,000 from grandparint £2,500 from other 0 £1,000 Gifts to individuals and ceztain trusts over 7 years befori death. No IHT is payable on transfers to a surviving spousi. Source: Blay's Guides Annuities Economy CityHeads BestRates
P269 CEEFAX 269 Wjd 11 Jan 22:14/12 G TAX GUIfE OTHER TAXES 1<94/5 Value Added Tax - standard rate 97.5% - on domestic fuel 8.0% Stamp Duty - shares 0.5% - land transfers (£60k+) 1.0% Insurance Premium Tax (from October 1994) 2.5% Vehicle Licence - 1yr £135.00 Television Licence - colour £84.50 - black and white £28.00 Annuities Economy CityHeads BestRates
P269 CEEFAX 269 Wjd 11 Jan 22:03/54 4/6 TAX GUIDE PERSONAL ALLOWANCES In yr to 5 April Age 1995 19 6 Personal <65 £3,445 £3,525 Married Couple <65 £1,720 £ ,720 Personal * 65-74 £4,200 £4,630 Married Couple* 65-74 £2,665 £2,995 Personal * >75 £4,370 £4,800 Married Couple* >75 £2,705 £3,035 MC's relief restricted to 20% wor 1994/5 and to 15% for 1995/6 * Agj allowances reduced by £1 for every £2 of incomi £14,200 tg a minimum of basic £3,445 and £1,720. Annuities Economy CityHeads BestRates
P269 CEEFAX 269 Wjd 11 Jan 22:55/22 5/6 TAX GUIDE PERSONAL ALLOWANCES YEAR TO 5 APRIL 1995 1<96 Widows bereavement £1,720 £1,720 Additional Personal for singli parents £1,720 £ ,720 Blind person £1,080 £1,200 MIRAS 0 - limit £30,000 £30,000 - rate 20% G 15% Rjdundancy paymjnt £30,000 0£30,000 Private medical insurance for over 60s 40% £ 25% 25% Charitable donations limit wrom payroll £900 0 £900 Source: Blay's Guides Annuities Economy CityHeads BestRates
P269 CEEFAX 269 Wjd 11 Jan 22:16/44 6/6 TAX GUIDE IoCOME TAX Taxabli incomj in year to 5 April to April 95 to April 96 RATE £0-£3,000 0 £0-£3,200 20% £3,001-£23,700 £3,201—£24,300 25% over £23,700 ovir £24,300 40% Husband & wife are taxed siparatel< on their income. Both havi peruonal and investmjnt allowances. Befori 5 April rach yrar m1yried couples can givj notice to share the MCA equally or to allocate it all to onj of them. Taxable incomj is incomi less peruonal allowance;' Source: Blay's Guides Annuities Economy CityHeads BestRates