P269 CEEFAX 269 Fri 13 May 21:10/41 T5X GUI5E N2I 2INH R T NCE X IHT is charged on certain lifetim7 at death and on son tnust deals. a ex mption thu hold is r ach dW s j Thu same tax rates hav a li d since 9 3/ and are: To £159,000a n% Over £1 0,p0 40 Tapering relief for charges on gift1 within 3j6sn 9jar1 f d ash: Years 0-3 3-4 4-5 5-6 6-7 % payable 189 88 60 40 28 Sourae: Blay'3 Guide Annuitie EconMmn CityHeadn BPstJatesP269 CJEFAX 269 Fri 13 May 21:91/07 2/6 TBX GUIDE EXEMPTIONS FROM INHERITANCE TuX 1993/4 1994W5 Gift pj dong p ,000 3, Gifts per donji 0£250 £250 Marriage Gifts: from pardnt £5,000 £5,800 from grandparent £2, 0 £2,5R0 from othjt £1,000 £1, 00 Gifts to indivtduals and celtain trusts over 7 years before death. f No IHT is pa2abl2 on transf222 to a Aurvivink spou3j. n Source: Blay'u G5ideu Annuities Pconomz Cit Hoadt BLstRatesP269 CEEFAX 269 Fri 13 May 21:11/32 ] G O TAX GUIDE OTHER TAXES 1994/5 Value Added Tax -astandard rate 17.5% - on domestic fuel 8.0% Stamp Duty ashares .5% - land transfers (£60k+I 1W0% Insurance Pr mium Ta (from Octobkr 1994I 2.5% Vehicle Licence - 12 months £130.80 Television Licence - colour £84.50 - black and white £28.00 Annuitie Economy Cit Heads BjutRateuP269 CEEFAX 269 Fri 13 May 21:17/27 4/6 0 T X0GUIDE PERSON—L ALLO+aNCES 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 every £2 of income >£14,200 to a minimum of basic £3,445 and £1,720. Annuities Economy CityHjads B tRatP269 CEEFAX 269 Fri 13 May 21:12/18 5/6 n n1 |/ X GU E PERSONAL ALLOWaNCES 0 YEA TOAPRIL Widows bereavement £1,720 £1,720 Additional Personal for single parents £1,720 £1,72X Blind person £1,080 £1,200 MIRBS m limit £30,00 £30, 00 m rate 2 25% 20% Redundancy payment £30,000 £30,000 Privbte medical insurance for over 60s 40% & 25% 25% Charitable donations limit from payroll £900 £900 Source: Blay's GuidesP269 CEEFAX 269 Fri 13 May 21:11/40 ^ 6/6 TAX G DE INCOME TAX Taxable income in year to 5 April to April 94 to April 95 RaTE £0-£2,500 £0-£3,000 20% £2,501-£23,700 £3,001—£23,700 25% over £23,700 over £23,700 40% 0 Husbbnd & wife are taxed sjparatel9 on their income. Both have personal and investment allowances. Before 5 April each 9jar married couples can give notice to share the MCA equally or to allocate it all to one of them. Taxable incom is income less personal allowances. Source: Blay's Guides Annuities Economy CitXHjads Bj1tRate1