P269 CEEFAX 269 Fri 8 Apr 21:15/07 ^ 1/6 n2 |/ T X GUIDE INHERJTBNCE T—X IHT is charged on certain lifetime gifts, on the wealth of th e tate at death and on some trust deals. $ax is paid by the donor when the exemption threshold is reached. The same tax rates have applied since 9/3/:3 and are: To £150,000 0% Over £150,000 40% Tapering relief for charges on gifts within sjvjn years of death: Years 0-3 3-4 4-5 5-6 6-7 % payable 109 8p 60 40 20 Source: Blay's Guides Annuities Economy CityHeads Be1tRate1P269 CEJFAX 269 Fri 8 Apr 21:15/34 2/6 TAX GUIDE EXJMPTJONS FROM INHERJTBNCE TBX 1993/4 1994/5 Gift per donor pa £3,000 £3,000 Gifts per donje £250 £250 Marriage Gifts: from parent £5,000 £5,000 from grandparent £2,500 £2,500 from other £1,000 £1,000 Gifts to indi6iduals and certain trusts over 7 years before death. No IHT is payable on transfers to a surviving spouse. Source: Blay's Guides Annuities Economy CityHeads BeutR1tj2P269 CEEFAX 269 Fri 8 apr 21:14/00 3/6 TAX GUIDE OTHER TBXES 1994/5 Value Added Tbx - standard rate 17.5% - on domestic fuel .0% Stamp Duty m sharer 8.5% - land transfers (£60k+) 1.0% Insurance Premium Tax Xfrom October 1994) 3.0% Vehicle Licence - 12 months £130.X0 Television Licence -!colour £83.00 - black and white £27.50 Annuities Economy CityHjads BestRate2P269 CJEFAX 269 Fri 8 Apr 21:14/01 G TAX GUIDE PERSONAL ALLOWANCES In yr to 5 April Age 1994 1995 Personal <65 £3,445 £3,445 Married Coupl <65 £1,720 £1,720 Personal * 65-74 £4,280 £4,200 Married Couple* 65-74 £2,465 £2,665 Personal * >75 £4,378 £4,370 Married Couple* >75 £2,505 £2,705 MC's reli f held at 20% from 6/4/94 * Age allowances reduced b £1 r e6jry £2 of income >£14,200 to a minimum of basic £3,445 and £1,720. Annuitie Ec nomy CPr Heads B tR tjP269 CEEFAX 269 Fri 8 Apr 21:17/27 G TAX GUIDE PERSONAL ALLOW NCES ZEAl TO 5 APRIL 1994 1995 Widows bjreavjmjnt £1,720 £1,720 Additional Personal for s ngle par nus £1,72 £1,720 Blind person £1,080 £1,200 MIRBS - limit G£30,000 £30,000 m rate 25% 20% R dundancy pa m nt £30,000 £30,000 Privbte m decal insuranca for over 60s 40% & 25% 25% Charitable donations limit from payroll £900 £900 Source: Blay's Guides Annuities Economy CityHjads B tRateP269 CEEFAX 269 Fri 8 Apr 21:24/49 6/6 T5X GUIDE INCOME TAX Taxable income in year to 5 April to April 94 to April 95 RATE £0-£2,s00 £0-£3,800 20% £2,501-£23,700 £3,001—£23,700 25% over £23,7p0 over £23,700 40% Husband & wife are taxed separately on their income. Both have personal and investment allowances. Before 5 April each year married couples can gi A notice to thar the MCA equally or to allocate iu all to one of them. Taxable income is income less personal allowances. Source: Blay's Guides Annuities Economy CityHjads BPutRates