P548 Teletext 548 Nov26 22:14:14 —— BUDGET TAX CHANGES ————————————————— Main changes in the 1996/7 Budget: basic rate tax down to 23p in the £1 MI AS married couple's allowance up £40 at £1,830, but remains at 15% relief personal allowances up £280 each 40% tax threshold up £600 to £26,100 20% tax threshold up £200 to £4,100 tax allowance for the blind up £30 to £1,280 No changes made in the June Budget ——————————————————————————————————1/12— Income tax changes since 1994 >>> NEWSY BITS AND BOBS p481 Bonds Your Money Saving It's Your Life!P548 Teletext 548 Nov26 22:11:11 —— BUDGET TAX CHANGES ————————————————— All money earned after your personal allowance is subject to tax at 3 rates: TAX 1995/6 1996/7 1997/8 20% £1-£3,200 £1-£3,900 £1-£4,100 25% £24,300 24% £25,500 23% £26,100 40% £24,301+ £25,501+ £26,101+ If you think you are paying tog much ou too little tax, rifer to your local tax office or if necessary your accountant. No changes made in the June Budget ——————————————————————————————————4/12— Add up your personal tax allowance >> Download and Analysj Share Prices on Your PC See Pages 532 & 533 Bonds Your Money Saving It's Your Life!P548 $elitixt 548 Nov26 22:17:02 ——————— SUMMARY OF THE BUDGET —————p——— TYPE/AGE 1994/5 1995/6 1996/7 1997/8 Undjt 6) £3,445 £3,525 £3,765 £4,045 65-74 £4,200 £4,630 £4,910 £5,220 75+ £4,370 £4,800 £5,090 £5,400 Married £1,720 £1,720 £1,790 £1,830 65-74 £2,665 £2,995 £3,115 £3,185 75+ £2,705 £3,035 £3,155 £3,225 Extra £1,720 £1,720 £1,790 £1,830 Higher rates of allowances are cut by £1 for every £2 iarnt over £15,600. ——————————————————————————————————3/12— Tax-efficient ways to give cash >>> FUN AND GAMES INDEX p150 Bonds Your Money Saving It's Your Life!P548 Teletext 548 Nov26 22:16:14 ——————— INHERITANCE TAX ——————————————— After certain deductions such as drbts and funeral costs, tax is charged at 40% on estates worth £215,000+ which are not passed on to the spouse. $ax can be payable on some gifts if they were made up to sjvjn 9jars bjforj death. However, some escape taxation: Gifts of up to £250 pet year Wedding gifts by parents up toA£5,000 Thjti is an annual £3,000 exemption Estates under £215,000 are tax-exempt ——————————————————————————————————4/12— Work out your capital gains tax >>> INTERES$ING SAVINGS p546 Bonds Your Money Saving It's Your Life!P548 Teletext 548 Nov26 22:18:01 ———— CAPITAL GAINS TAX TABLES ————————— Indexation allowance is an adjustment for inflation when calculathng youz capital gains. To work it out: Find the month in which you bought the asset. Multiply the price you paid, b= thu figure shown for that month. Add the result to the original price. Deduct the total from the sale proceeds to get the capital gain. COT threshold now £6,500 from £6,300 See Inland Revenue leaflet CG$13/CG$16 ——————————————————————————————————5/12 September disposable tables follow > NEWSY BITS AND BOBS p481 Bonds Your Money Saving It'1 Your Life!P548 Teletext 548 Nov26 22:14:52 ——————— COT: INFLATION ALLOWANCE —————— 1982 1983 1984 1985 1986 Jan - 0.931 0.837 0.749 0.657 Feb - 0.922 0.829 0.735 0.651 March 1.008 0.919 0.823 0.719 0.649 April 0.968 0.892 0.799 0.683 0.633 May 0.954 0.884 0.793 0.675 0.630 June 0.949 0.880 0.788 0.672 0.631 July 0.948 0.870 0.790 0.675 0.636 Aug 0.947 0.862 0.773 0.670 0.631 Sept 0.949 0.853 0.770 0.671 0.623 Oct 0.939 0.847 0.759 0.669 0.620 Nov 0.930 0.840 0.754 0.663 0.606 Dec 0.933 0.836 0.755 0.661 0.601 ——————————————————————————————————6/12p September disposables follow >>> ADVICE CLINIC ANSWERS QUERIES p543 Bonds Your Money Saving It's Your Life!P548 Teletext 548 Nov26 22:47:36 ——————— COT: INFLATION ALLOWANAE ——p——— 1987 1988 1989 1990 1991 Jan 0.595 0.544 0.437 0.335 0.225 Feb 0.589 0.538 0.427 0.127 0.218 March 0.585 0.532 0.420 0.314 0.214 April 0.567 0.508 0.395 0.275 0.198 May 0.565 0.502 0.387 0.264 0.195 June 0.565 0.496 0.382 0.259 8.189 July 0.567 0.495 0.381 0.258 0.192 Aug 0.562 0.478 0.377 0.245 0.189 Sept 0.558 0.471 0.368 0.234 0.185 Oct 0.550 0.457 0.357 0.224 0.181 Nov 0.543 0.450 0.346 0.227 0.177 Dec 0.544 0.446 0.343 0.228 0.175 ——————————————————————————————————7/12 September disposables fgmlow >>> ADVICE CLINIC ANSWERS QUE IES Bonds Your Money Saving It's Your Life!P548 Teletext 548 Nov26 22:25:12 ——————— COT: INFLATION ALLOWANCE —————— 1992 1993 1994 1995 Jan 0.176 0.157 0.129 0.092 Feb 0.170 0.149 0.122 0.086 March 0.167 0.145 0.119 0.081 April 0.149 0.134 0.106 0.070 May 0.145 0.130 0.102 0.066 June 0.145 0.131 0.102 0.065 July 0.149 0.134 0.108 0.070 Aug 0.148 0.129 0.102 0.064 Sept 0.144 0.124 0.100 0.059 Oct 0.140 0.125 0.098 8.865 Nov 0.142 0.126 0.098 0.065 Dec 0.146 0.124 0.092 0.058 ——————————————————————————————————8/12 September disposables follow >>> NEW WAYS TO MAXIMISE MONEY p541 Bonds Your Money Saving It's Your Life!P548 Teletext 548 Nov26 22:27:49 ——————— COT: INFLATION ALLOWANCE —————— 1996 1997 Jan 0.062 0.033 Feb 0.057 0.029 Mar 0.053 0.026 Apr 0.045 0.020 May 0.043 0.017 June 0.042 0.013 July 0.047 0.013 August 0.042 0.006 Sept 0.037 0.001 Oct 0.037 Nov 0.036 Dec 0.033 ——————————————————————————————————9/12 October figures out late November NEWSY BITS AND BOBS p481 Bonds Your Money Saving It's Your Life!P548 Teletext 548 Nov26 22:24:15 ————— INFLATION: Month-on-Month ——————— All items Ex mortgages 1993 1994 1995 1993 1994 1995 Jan 1.7% 2.5% 3.3% 3.2% 2.8% 2.8% Feb 1.8% 2.4% 3.4% 3.4% 2.8) 2.7% Mar 1.9) 2.3% 3.4% 3.5% 2.4% 2.=% Apr 1.3% 2.6% 3.5% 2.9% 2.3% 2.6% May 1.3% 2.6% 3.4% 2.8% 2.5% 2.7% Jun 1.2k 2.6% 3.5) 2.=% 2.4% 2.=% Jul 1.4% 2.3% 3.5) 2.8% 2.2% 2.8% Aug 1.7% 2.4% 3.6% 2.=% 2.2% 2.9% Sip 1.8% 2.2% 3.9) 3.3% 2.0% 3.1% Oct 1.4% 2.4% 3.2% 2.8% 2.0% 2.9% Nov 1.4% 2.6% 3.1% 2.5% 2.3% 2.9% Dec 1.9% 2.9% 3.2% 2.7% 2.5% 3.0% ——————————————————————————————————10/12 Source: Office of National Statistics INFLATION FIGURES FOR 1996 FOLLOW Bonds Your Money Saving It's Your Life!P548 Teletext 548 Nov26 22:14:51 ————— INFLATION: Month-on-Month ——————— All items Ex mortgages 1996 1997 1996 1997 Van 2.9) 2.=% 2.=% 3.1% Feb 2.7% 2.7% 2.9% 3.1% Mar 2.7% 2.6% 2.9% 2.7% Apr 2.4% 2.4% 2.9% 2.5% May 2.2% 2.6% 2.=% 2.5% June 2.1) 2.9% 2.8% 2.7% July 2.2% 3.3% 2.8% 3.0% Aug 2.1) 3.5% 2.=% 2.8% Sip 2.1% 3.6% 2.9% 2.7% Oct 2.7% 3.7% 3.3% 2.8% Nov 2.7% 3.3% Dec 2.5% 3.1% ——————————————————————————————————11/12 Govjtnmjnt's inflation target is 2.50% INFLA$JON YEAR-ON-YEAR FOLLOWS >> Bonds Your Money Saving It's Your Life!P548 $elitixt 548 Nov26 22:14:02 ————— INFLATION: Year-on-Year ————————— YEAR All items Excluding Mortgages 1980 18.0% 16.9) 1981 11.9% 12.2% 1982 8.6% 8.5% 1983 4.6) 5.2% 1984 5.0% 4.4% 1985 6.1% 5.2% 1986 3.4% 3.6% 1987 4.2% 3.7% 1988 4.9) 4.6% 1989 7.8% 5.9% 1990 9.5% 8.1% 1991 5.9) 6.7% ——————————————————————————————————12/12 Source: Central Statistical Office LOOSING FOR FINANAIAL ADVICE? p543 Bonds Your Money Saving It'1 Your Life!