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This sample shows the tax rates illustrating 5 working links. The full web version of the Tax Rates 2001/02 follows the format and layout of this sample with ALL links working.
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INCOME TAX RATES
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2001/02
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2000/01
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Band
£ |
Rate
%
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Band
£ |
Rate
%
|
| 0 - 1,880 |
10
|
0 - 1,520 |
10
|
| 1,881 - 29,400 |
22 *
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1,521 - 28,400 |
22 *
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| Over 29,400 |
40 **
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Over 28,400 |
40 **
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* Except dividends (10%) and savings income (20%).
** Except dividends (32.5%).
Other income taxed first, then savings income and finally dividends. |
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INCOME TAX RELIEFS
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2001/02
£
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2000/01
£
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| Personal allowance |
- under 65 |
4,535
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4,385
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- 65 - 74 *** |
5,990
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5,790
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75 and over *** |
6,260
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6,050
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| 1 Married couple's allowance |
- aged less than 75 and born before 6.4.35 *** |
5,365
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5,185
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- 75 and over |
5,435
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5,255
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- min. amount |
2,070
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2,000
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| *** Age allowance income limit |
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17,600
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17,000
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| 2 Widow’s bereavement allowance |
-
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2,000
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| Blind person’s allowance |
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1,450
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1,400
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| 3 Children’s tax credit |
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5,200
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-
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Notes
1 Qualifies for relief at 10%.
2 Qualifies for relief at 10%. No relief for deaths after 5 April 2000.
3 Qualifies for relief at 10%. Credit gradually withdrawn for higher rate taxpayers.
*** Reduce age allowance by £1 for every £2 of excess income over £17,600. |
contents
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PENSION PREMIUMS
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% of Net Relevant Earnings
2001/02 & 2000/01
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| Age at the beginning of the tax year |
* Personal Pensions
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Retirement Annuities
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35 or less
36 - 45
46 - 50
51 - 55
56 - 60
61 - 74
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17.5
20
25
30
35
40
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17.5
17.5
17.5
20
22.5
27.5
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*Earnings limit 2001/02 (2000/01) |
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£95,400 (£91,800)
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contents
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CAR AND FUEL BENEFITS
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| Company cars - 2001/02 & 2000/01 - Charge based on percentage of list price. |
| Business miles |
Vehicles under 4 years old
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Vehicles at least 4 years old
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0 - 2,499
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35%
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26.25%
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2,500 - 17,999
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25%
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18.75%
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18,000 and over
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15%
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11.25%
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Van benefit per vehicle
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£500
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£350
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Notes
1 The list price includes accessories and is subject to an upper limit of £80,000.
2 List price is reduced for capital contributions made by the employee up to £5,000.
3 The age of the vehicle is determined at the end of the tax year.
4 Special rules apply to cars at least 15 years old with a market value of at least £15,000.
5 For second cars the percentages on the second car are 35%/26.25% if business mileage is under 18,000 miles and 25%/18.75% if business mileage is at least 18,000 miles in both cars.
6 Van benefit includes fuel for private use.
7 Payments by employees may reduce the benefits.
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| Car fuel scale charge |
Up to 1400cc
£
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1401 - 2000cc
£
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Over 2000cc
£
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| 2001/02 |
- petrol |
1,930
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2,460
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3,620
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- diesel |
2,460
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2,460
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3,620
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| 2000/01 |
- petrol |
1,700
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2,170
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3,200
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- diesel |
2,170
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2,170
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3,200
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| The fuel scale charge is reduced to nil only if the employee pays for all private fuel. |
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AUTHORISED MILEAGE RATES
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| Cars 2001/02 (2000/01) |
Up to 1000cc
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1001 - 1500cc
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1501 - 2000cc
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Over 2000cc
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| Rates |
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| Up to 4,000 miles |
40p (28p)
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40p (35p)
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45p (45p)
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63p (63p)
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| Over 4,000 miles |
25p (17p)
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25p (20p)
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25p (25p)
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36p (36p)
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| Average Rates |
- Up to 4,000 miles
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42.5p (40p)
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- Over 4,000 miles
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25p (22.5p)
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| Bicycles 2001/02 & 2000/01 |
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12p
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| Motorcycles 2001/02 & 2000/01 |
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24p
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contents
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Please contact us for advice or to discuss any action you may need to take.
The information in this web tax card is based upon the 2001 Budget and other earlier announcements and may be subject to amendment by the Finance Act.
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