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| Tax Rates tables | |||
| Main Income Tax reliefs | |||
| 2002/03 | 2001/02 | ||
| Allowed at top rate of tax | |||
| Personal Allowance | 4615 | 4535 | |
| Blind Person Allowance | 1480 | 1450 | |
| Allowed only at 10% | 2002/03 | 2001/02 | |
| Children's tax credit | 5290 | 5200 | |
| Children's tax credit - baby rate | 10490 | 0 | |
| Important Limits | 2002/03 | 2001/02 | |
| Individual Savings Account annual limit | 7000 | 7000 | |
| Rent a room exemption | 4250 | 4250 | |
| Income tax rates and bands | 2002/03 | 2001/02 | |
| Lower rate on first | 1920 | 1880 | |
| Basic rate on next | 27980 | 27520 | |
| Higher rate at taxable income over | 29900 | 29400 | |
| Tax rates unchanged from 2001/02 | Dividents | Interest | Other |
| Starting rate | 10% | 10% | 10% |
| Basic rate | 10% | 20% | 22% |
| Higher rate | 32.50% | 40% | 40% |
| National Insurance Contributions 2002/03 | |||
| Class 1 | Within SERPS | ||
| Employees | |||
| On earnings between £89.01 and £585 pw | 10% | ||
| Employers | |||
| On earnings between £89.01 and £585 pw | 11.80% | ||
| On earnings over £585 pw | 11.80% | ||
| Class 2 (self-employed) | |||
| Flat rate per week | £2.00 | ||
| Class 3 (voluntary) | |||
| Flat rate per week | £6.85 | ||
| Class 4 (self-employed) | |||
| On profits £4615 - £30420 (max £1806.35) | 7% | ||
| Value Added Tax | |||
| Registration level from 25/04/02 | £55000 per annum | ||
| Deregistration level from 25/04/02 | £53000 per annum | ||
| Standart rate | 17.50% | ||
