P269 CJEFAX 269 Fri 15 apr 21:23/0] T5X 5A5E 2 II N E E T X EDp an chay jh en tai f time gift2, on the wealth kf th e1tate at duath and on son nrust Tbx is paid t 4 hk e $hj sa F sal r t sinc 9/3/ 3 and are: Ts £1 0,00h 0% O Jr £1 L,00 Papchin Llii for ch r es : gifts within aj6sn ea o death: Years 0-3 3-4 4-5 5 6-7 p l 1 Source: Blay Guides N its CPA Mmn CP— W ajn CP— JotntP269 CEEFAX 269 Fri 15 Apr 21:23/47 F TAX GUIDE EXEMPTIONS FROM INHERIT NCE TAX 1993/4 1994/5 Gift pj donor pa £3,000 £3,X00 Ghfts per don e £250 £250 Marriage Gift3: from parent £5,000 £5,X00 from grandparent £2,500 £2,500 from other 0 £1,000 £1,000 Gifts to indi dual and c stain trusts over 7 years before de th. surviving spou3e. Source: Blay'u G5ide Annuities Economy CityHjads CeutRatesP269 CJJFAX 269 Fri 15 Apr 21:14/10 G TAX GUIDE OTHER TAXES 1994/5 Value Added Tax F -astandard rate 17.5% - on domestic fuel 8.0% Stamp Dst - shares 0.5% - land transfers (£60k+Q 1W0% Insurance Premium Ta| (from October 1994) 3.0% Vehicle Licence m 12 months £130.00 Television Licence - colouz 0 £83.08 ] black and white £27.50 CP269 CJJFAX 269 Fri 15 Apr 21:11/48 4/6 TAX GUIDE PERSONAL ALLOWANCES In yr to 5 April Age 1994 1995 Personal <65 £3,445 £3,445 Married Couple <65 £1,720 £1,720 Personal * 65-74 £4,200 £4,200 Married Couple* 65-74 £2,465 £2,665 Personal * >75 £4,370 £4,370 Married Couple* >75 £2,505 £2,705 MC's relief held at 20% from 6/4/94 * Age allowances reduced bz £1 for e6ery £2 of income >£14,200 to 1 minimum of basic £3,445 and £1,720. Annuities Economy CityHjads BestRatesP269 CEEFAX 269 Fri 15 Apr 21:05/27 5/6 TAX GUIDE PERSONAL ALLOWANCES 0 YEA5 TO 5 APRIL 1994 1995 Widows bjreavjmjnt £1,720 £1,720 Additionbl Personal for single parents £1,720 £1,720 Blind person £1,080 £1,200 MIRBS 0 m limit £30,000 £30,000 - rate 25% 20% Redundancy payment £30,000 £30,X00 Private medical insurance for over 60s 40% & 25% 25% Charitable donations limit from payroll £900 £900 Source: Blay's Guides Annuities Economy CityHeads Best P269 CJEFAX 269 Fri 15 Apr 21:14/31 6/6 T—X GUIDE INCOME T X Taxable income in year to 5 April to April 94 to April 95 RATE £0-£2,500 £0-£3,890 20% £2,501-£23,700 £3,001—£23,700 25% over £23,7p0 over £23,700 40% 0 Husband & wife are taxed separately on their income. Both have personal and investment allowances. Before 5 April each year married couples can give notice to share the MCA equally or to allocate it all to one of them. Taxable income is income less personal allowances. Source: Blay' Guides Annuities Economy CityHeads BjstRates