P548 Teletext 548 Jun21 01:20:39 —— BUDGET TAX CHANGES ————————————————— Main changes in the 1996/7 Budget: basic rate tax down to 23p in the £1 MIRBS unchanged at 15% 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 ——————————————————————————————————1/13— Income tax changes since 1994 >>> FUN AND GAMES INDEX p150 Bonds Your Money Saving It's Your Life!P548 Teletext 548 Jun21 01:31:01 —— 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,k00 23% £26,100 40% £24,301+ £25,501+ £26,101+ If you think you are paying too much or too little tax, refer to your local tax office or if necessary your accountant. ——————————————————————————————————4/13— 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 Teletext 548 Jun21 01:35:22 ——————— SUMMARY OF THE BUDGET ————————— TYPE/AGE 1994/5 1995/6 1996/7 1997/8 Under 65 £3,44k £3,525 £3,765 £4,045 65-74 £4,200 £4,630 £4,910 £5,220 75+ £4,370 £4,800 £5,090 £5,4p0 Married £1,720 £1,720 £1,79p £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 earns ovjt £15,600. ——————————————————————————————————3/13— Tax-efficient ways to give cash >>> FUN AND GAMES INDEX p150 Bonds Your Money Saving It's Your Life!P548 Teletext 548 Jun21 01:21:43 V ——————— SUMMARY OF THE BUDGET ————————— After certain deductions such as debts and funeral costs, tax is charged at 40% on estates worth £215,000+ which are not passed on to the spouse. Tax can be payable on some gifts if they were made up to seven years before death. However, some escape taxation: Gifts of up to £250 pet year Wedding gifts by parents up to £5,000 Thjti is an annual £3,000 exemption Estates under £215,000 are tax-exempt ——————————————————————————————————4/13— Work out your capital gains tax >>> INTE"ESTJNG SAVINGS p5)6 Bonds Your Money Saving It's Your Life!P548 Teletext 548 Jun21 01:22:04 ———— CAPITAL GAINS TAX TABLES ————————— Indexation allowance is an adjustment for inflation when calculating your capital gains. To work it out: Find the month in which you bought the asset. Multiply the price you paid, by the 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 £6,300 from £6,000 See Inland Rjvenuj leaflet CGT13/CGT16 ——————————————————————————————————5/13 May disposable tables follow >> TELETEXT VIEWER OFFER:SUNDAY TIMES PERSONAL FINANCE GUIDES: SEE p632 Bonds Your Money S vhn£ It'1 Your Life!P548 Teletext 548 Jun21 01:26:25 ——————— COT: INFLATION ALLOWANCE —————— 1982 1983 1984 1985 1986 Jan - 0.899 0.807 0.720 0.630 Feb - 0.891 0.799 0.707 0.624 March 0.975 0.888 0.794 0.691 0.622 April 0.936 0.862 0.770 0.655 0.606 May 0.922 0.854 0.763 0.648 0.604 June 0.917 0.849 0.759 0.644 0.604 July 0.916 0.839 0.761 0.648 0.609 Aug 0.916 0.831 0.74k 0.m43 0.50) Sept 0.917 0.823 0.741 0.644 0.596 Oct 0.907 0.817 0.730 0.641 0.594 Nov 0.898 0.810 0.725 0.636 0.580 Dec 0.904 0.806 0.727 0.634 0.575 ——————————————————————————————————6/13— May disposables follow >>> ADVICE CLINIC ANSWERS QUERIES p543 Bonds Your Money Saving It's Your Life!P548 Teletext k48 Jun21 01:22:46 ——————— COT: INFLATION ALLOWANCE —————— 1987 1988 1989 1990 1991 Jan 0.569 0.519 0.414 0.313 0.205 Feb 0.563 0.513 0.403 0.305 0.199 March 0.560 0.507 0.397 0.292 0.194 April 0.541 0.483 0.373 0.254 0.179 May 0.540 0.477 0.364 0.243 0.17) June 0.k40 0.472 0.360 0.238 0.170 July 0.541 0.470 0.358 0.237 0.173 Aug 0.+37 0.4k) p.35) 0.22k 0.170 Sept 0-532 0.)47 0.346 0.213 0-166 Oct 0.k25 0.433 0.335 0.204 0.161 Nov 0.517 0.426 0.324 0.207 0.157 Dec 0.519 0.422 0.321 0.208 0.156 ——————————————————————————————————7/13 May disposal tables follow >>> TELETEXT VIEWER OFFER:SUNDAY TIMES PERSONAL FINANCE GUIDES: SEE p632 Bonds Your Money Saving It's Your Life!P548 Teletext 548 Jun21 01:33:47 ——————— COT: INFLATION ALLOWANCE —————— 1992 1993 1994 1995 Jan 0.157 0.138 0.110 0.075 Feb 0.151 0.130 0.104 0.068 March 0.148 0.126 0.101 0.064 April 0.130 0.116 0.088 0.053 May 0.026 0.112 0.084 0.049 June 0.026 0.113 0.084 0.047 July 0.130 0.11k 0.090 0.052 Aug 0.130 0.110 0.084 0.047 Sept 0.126 0.1p6 0.082 0.042 Oct p.122 0.106 0.081 0.047 Nov 0.123 0.108 0.080 0.047 Dec 0.127 0.106 0.075 0.041 ——————————————————————————————————8/13 May disposables follow >>> NEW WAYS TO MAXIMISE MONEY p541 Bonds Your Money Saving It's Your Life!P548 Teletext 548 Jun21 01:33:08 ——————— COT: INFLATION ALLOWANCE —————— 1996 1997 Kan p.045 0.016 Feb 0.040 0.012 Mar 0.036 0.010 Apr 0.028 0.004 May p.026 June 0.025 July 0.030 August 0.025 Sept 0.020 Oct p.p2* Nov 0.019 Dec p.016 ——————————————————————————————————9/13 June figures out mid-late July TELETEXT VIEWER OFFE SUNDAYTIMES PERSONAL FINANCE GUIDES: SEE p632 Bonds Your Money Saving It's Your Life!P548 Teletext 548 Jun21 01:23:49 ————— INFLATION: Month-onJMonth ——————— 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.)% 3.4* 2.8* 2.7% Mar 1.9% 2.3% 3.4% 3.5% 2.4% 2.8% 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 1.2% 2.6) 3.5) 2.8% 2.4% 2.8% Jul 1.)% 2.3) 3.5% 2.8% 2.2% 2.8% Aug 1.7* 2.4% 3.6) 2.8% 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% ——————————————————————————————————10/13 Source: Office of National Statistics INFLATION FIGURE3 FOR 1996 FOLLOW >> Bonds Your Money Saving It'1 Your Life!P548 Teletext 548 Jun21 01:24:10 R ————— INFLATION: Month-on-Month ——————— All items Ex mortgages 1996 1997 1996 1997 Jan 2.9% 2.8% 2.8% 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) 2^8* 2.5) June 2.1* 2.8% July 2.2% 2.8% Aug 2.1% 2.8% Sip 2.1* 2.9% Oct 2.7% 3.3% Nov 2.7% 3.3% Dec 2.5% s.1% ——————————————————————————————————11/13 Government's inflation target is 2.50% INFLATION YEAR-ON-YEA FOLLOWS Bonds Your Money Saving It's Your Life!P548 Teletext 548 Jun21 01:19:58 ————— INF ATJON: Year-onJYear ————————— 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% 198u 6.1% 5.2% 1986 3.4% 3.6% 1987 4.2% 3.7% 1988 4.9% 4.6% 1989 7.8% 5.9% 199p 9.5) 8.1* 1991 5.9% 6.7% ——————————————————————————————————12/13 Source9 Central Statistical Office LOOSING FOR FINANCIAL ADVICE? p5)3 Bonds Your Money Saving It's Your Life!P548 Teletext 548 Jun21 01:20:18 Advert Tax Clinic >> IN CONJUNCTION 'JTH THE SUNDAY TIMES ALL YOU NEED TO KNOW ABOUT SAVINGS THE SUNDAY TIMES PERSONAL FINANCE ——— GUIDE TO TAX FREE SAVINGS ——— SAVE £1.50 on publisher's price FREE- POST+packing.All you pay is £5.49.'Tax Frii Savings' bz Christopher Gilchrist In'Tax Free Savings' Gilchrist explains the traps to avoid & gives sound advice on every method of reducing your personal tax bill while you maximisj the benefit of all available allowances Send your name,address,title of book and a chjquj for £5.49 payable to: The Sunday Times - Rif: FB505 PO Box 333, Leighton Buzzard, LU7 7ZD or for credit cards call 01525 851945 Bonds Your Money Saving It's Your Life!