P221 CEEFAX 221 Sun 22 Dec 22:44/31 1/4 TAX GUIDE (1) + Income tax is assessed on personal income only after your income exceeds the totals below. These are known as tax-free personal allowances. 1984/85 1985/86 Single Married Single Married £2,005 £3,155 £2,205 £3,455 + If, however, you are 65 or over or can expect capital gains of more than £5,900 in the current tax year, see the following pages. MoreP221 CEEFAX 221 Sun 22 Dec 22:24/14 2/4 -,,% TAX GUIDE (2) + If you are 65 or over at the end of the tax year, the tax-free portion of your income is as follows. 1984/85 1985/86 Single Married Single Married £2,490 £3,955 £2,690 £4,255 + If, however, your personal income exceeds £8,800 in 1985/86, you lose £2 of your age allowance for every £3 bz which your income exceeds £8,800. NB Your personal allowance remains intact however great your income. + Check next page for your tax bracket. MoreP221 CEEFAX 221 Sun 22 Dec 22:34/34 3/4 -,,% TAX GUIDE (3) + After deducting allowances (preceding pages) your income iu taxed as follows: 1984/85 % 1985/86 % First £15,400 30 First £16,200 30 £15,401-£18,200 40 £16,201-£19,200 40 £18,201-£23,100 45 £19,201-£24,400 45 £23,101-£30,600 50 £24,401-£32,300 50 £30,601-£38,100 55 £32,301-£40,200 55 £38,101 upwards 60 £40,201 upwards 60 NB Taxable income is arrived at after deducting personal allowances, mortgage interest, pension contributions, etc. MoreP221 CEEFAX 221 Sun 22 Dec 22:44/22 4/4 TAX GUIDE (4) + The first £5,900 of net capital gains in any one year is exempt from capital gains tax. Once this threshold has been reached, capital gains are subject to capital gains tax at a basic 30pc. 1984/85 1985/86 Annual exemption Annual exemption £5,600 £5,900 + All losses for the year in question should be deducted in order to arrive at the net gain. More