P548 Teletext 548 Sep15 01:04:22 —— BUDGET TAX CHANGES ————————————————— Main changes in the 1996/7 Budget: basic rate tax down to 23p in the £1 MIRAS 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 No changes made in the June Budget ——————————————————————————————————1/8—— Income tax changes since 1994 >>> FUN AND GAMES INDEX p150 Bonds Your Money Saving It's Your Life!P548 Teletext 548 Sep15 01:55:41 —— 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 too much or too little tax, rifer to your local tax office or if necessary your accountant. No changes made in the June Budget ——————————————————————————————————4/8—— Add up your personal tax allowance >> Download and Analysj Shari Prices on Your PC See Pages 532 & 533 Bonds Your Money Saving It's Your Life!P548 Teletext 548 Sep15 01:01:03 ——————— SUMMARY OF THE BUDGET ————————— TYPE/AGE 1994/5 1995/6 1996/7 1997/8 Undjt 65 £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 earns ovjt £15,600. ——————————————————————————————————3/8—— Tax-efficient ways to give cash >>> FUN AND GAMES INDEX p150 Bonds Your Money Saving It's Your Life!P548 Teletext 548 Sep15 01:54:47 ——————— INHERITANCE TAX ——————————————— 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 wire made up to sjvjn years before death. However, some escape taxation: Gifts of up to £250 pet year Wedding gifts bz parents up to £5,000 Thjti is an annual £3,000 exemption Estates under £215,000 are tax-exempt ——————————————————————————————————4/8—— Work out your capital gains tax >>> INTERESTING SAVINGS p546 Bonds Your Money Saving It's Your Life!P548 Teletext 548 Sep15 01:52:07 ——————— COT: INFLATION ALLOWANCE —————— 1996 1997 Jan 0.055 0.027 Feb 0.050 0.023 Mar 0.046 0.020 Apr 0.039 0.014 May 0.037 0.010 June 0.036 0.006 July 0.040 0.006 August 0.035 - Sept 0.031 Oct 0.031 Nov 0.030 Dec 0.027 ——————————————————————————————————5/8— September figures out late August FUN AND GAMES INDEX p150 Bonds Your Money Saving It's Your Life!P548 Teletext 548 Sep15 01:58:14 ————— INFLATION: Month-on-Month ——————— All items Ex mortgages 1993 1994 1995 1993 1994 1995 Kan 1.7* 2.5% 3.3% 3.2* 2.8* 2.=% 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 1.2* 2.6% 3.5% 2.8% 2.4% 2.8% Jul 1.4* 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% 2.4k 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% ——————————————————————————————————6/8—— Source: Office of National Statistics INFLATION FIGURES FOR 1996 FOLLOW >> Bonds Your Money Saving It's Your Life!P548 Teletext 548 Sep15 01:04:21 ————— INFLATION: Month-on-Month ——————— All items Ex mortgages 1996 1997 1996 1997 Van 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.=% 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% 2.8% 2.8% Sip 2.1% 2.9% Oct 2.7% 3.3% Nov 2.7% 3.3% Dec 2.5% 3.1% ——————————————————————————————————7/8—— Govjtnmjnt's inflation target is 2.50% INFLATION YEAR-ON-YEAR FOLLOWS >>> Bonds Your Money Saving It's Your Life!P548 Teletext 548 Sep15 01:04:10 ————— 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% ——————————————————————————————————8/8—— Source: Cjnttal Statistical Office LOOSING FOR FINANCIAL ADVICE? p543 Bonds Your Money Saving It's Your Life!