P269 CEEFAX 269 Sun 28 May 01:15/25 1/6 O T X GUIDE 7££££££££££££££££££££££££££ ££ ££ £k INHERIT NCE T X IHT is charged on certain lifetime gifts, on the wealth of the estate at death and on some trust deals. Tax is paid by the donor when the exemption threshold is reached. The same tax rate have apple d since 9/3/93 and are: To £15 ,000 % Over £150,000 40% hreshold up to £154,000 in 1995/6 apjring reli f for charges on gifts within seven years of death: Years 0-3 3-4 4-5 5-6 6-7 % payable 1p0 80 60 40 20 Source: Blay's Guides Annuities Economy CityHjads BestRateuP269 CEEFAX 269 Sun 28 May 01:14/27 2/6 n | X GU E 7£££££££££££££££££££££££££££££££££££ k EX MPTJONS FROM INHERIT NCE T X Gift per donor pa £3,000 Gift p d n £25 Marriage Gifts: from parent £5,000 om grand ar t £ , from other £1,000 Gifts to individuals and certain trusts over 7 years before death. No IHT is pa able on transfers to a surviving spouse. Source: Blay's Guides Ann iti conom CityH ads B t tP269 CEEFAX 269 Sun 28 May 01:55/41 3/6 TAX GUIDE I OTHER TBXES 994/5 5 V l Add d T -astandard rate 17.5% - on domestic fuel 8.0% Stamp Duty - shares .5% - land transfers (£60k+ 1.0% Insurance Premium Tax Xfrom October 1994) 2.5% Vehicle Licence - 1yr £135.00 Television Licence - colour £86.50 - black and white £28.50 Annuities Economy CityHjads BestRatesP269 CEEFAX 269 Sun 28 May 01:53/24 4/6 T X GUIDE I PERSONAL ALLOWANCES In yr to 5 April Age 1995 1996 Personal <65 £3,445 £3,525 Married Couple <65 £1,720 £1,720 Personbl * 65-74 £4,200 £4,630 Married Couple* 65-74 £2,665 £2,995 Personal * >75 £4,370 £4,800 Married Couple* >75 £2,705 £3,035 MC's relief restricted to 20% for 1994/5 and to 15% for 1995/6 * Age allowances reduced b £1 for every £2 of income >£14,200 to a minimum of basic £3,445 and £1,720. Annuiti s Economy CityH ads B tRatesP269 CEEFAX 269 Sun 28 May 01:16/21 5/6 T X G IDE PERSONAL ALLOWANCES ZEAl TO 5 APRIL 1995 1996 Widows bjreavjmjnt £1,720 £1,720 Additional Personal for single parents £1,720 £1,720 Blind person £1,080 £1,200 MIRBS - limit £30,000 £30,000 - rate 20% 15% Redundancy pa9mjnt £30,000 £30,000 Privbte medical insuranc for over 60s 40% & 25 25% Charitabl don tions limit from payroll £900 £900 Source: Blay's Guides Ann iti s Econom CityH ads B tR teP269 CEEFAX 269 Sun 28 May 01:14/08 6/6 T X GUIDE I INCOME TAX Taxable income in year to 5 April to April 95 to April 96 RATE £0-£3,000 P £0-£3,200 2 % £3,001-£23,700 £3,201—£24,300 25% over £23,7 0 over £24,300 4 Husband & wife are taxed sjparat l on th:ir income. o h h rsonal and investment allowanc . Befor n April each year m tried couples can give notice to share the MCA equally or to allo at it all to one of them. Taxable incom in incomR le s person l a lowance7. Source: Blay's Guides Annuiti Economy CityHoads BP tJ res