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TaxFacts for the 1985-86 tax year.
Everyone is allowed to earn a certain
amount of money every year before pay-
ing tax ─ your personal allowance.
Single person's allowance £2,205
Anyone who's unmarried gets this.
Married man's allowance £3,455
Most married men get this.
Wife's earned income £2,205
Married women who work get this.
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Additional personal allowance £1,250
Anyone raising a child alone gets this.
Widow's bereavement allowance £1,250
Widows get this in the tax year their
husband dies.
Age allowance single up to £2,690
married man up to £4,255
Anyone who's 64 or over by the start of
the tax year, with an income of less
than £9,528 (or £10,000 if married)
gets this.
Read on to see how much tax you pay...
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Once you've deducted your personal
allowances from your income, what's
left is taxed at the following rates.
Taxable income How much you pay
£1 ─ £16,200........ 30%
£16,201 ─ £19,200........ 40%
£19,201 ─ £24,400........ 45%
£24,401 ─ £32,300........ 50%
£32,301 ─ £40,200........ 55%
£40,201 or more.......... 60%
What is Capital Gains Tax?.....see over
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Capital Gains Tax
You pay this tax when you sell some-
thing you own at a profit ─ but this
doesn't include your home or private
car.
You're allowed to make quite a bit of
profit before you pay tax.
For the 1985-86 tax year a Capital Gain
(or profit) of more than £5,900 is
taxed at 30%.
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