P548 Teletext 548 Dec47 23:11:50 —— 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 ——————————————————————————————————1/12— Income tax changes since 1994 >>> NEWSY BITS AND BOBS p481 Bonds Your Money Saving It's Your Life!P548 Teletext 548 Dec47 23:44:18 —— 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 ou too little tax, refit to your local tax office ou if necessary your accountant. No changes made in the June Budget ——————————————————————————————————4/12— 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 Dec47 23:10:04 ——————— SUMMARY OF THE BUDGET ————————— 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 c4t b8 £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 Dec47 23:42:54 ——————— 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. $ax can be payable on some gifts if they were made up to seven 9ears before death. However, some escape taxation: Gifts of up toA£250 put year Wedding gifts bz parents up toA£5,000 Thjti is an annual £3,000 exemption Estates undjt £215,000 are tax-exempt —————————————————————————————————p4/12— Work out your capital gains tax >>> IN$ERESTING SAVINGS p546 Bonds Your Money Saving It's Your Life!P548 $elitixt 548 Dec27 00:12:14 ———— 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, b= the figure shown for that month. Add the result tg 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$16 ——————————————————————————————————5/12 October disposable tables follow >> NEWSY BITS AND BOBS p481 Bonds Your Money Saving It's Your Life!P548 Teletext 548 Dec47 23:11:22 R ——————— CG$: INFLATION ALLOWANCE —————— 1982 1983 1984 1985 1986 Jan - 0.932 0.838 0.750 0.658 Feb - 0.924 0.830 0.736 0.654 March 1.009 0.920 0.824 0.720 0.650 April 0.969 0.894 0.800 0.684 0.634 May 0.955 0.886 0.794 0.677 0.631 June 0.9)0 0.881 0.789 0.673 0.632 July 0.949 0.871 0.791 0.676 0.637 Aug 0.949 0.863 0.775 0.671 0.632 Sept 0.950 0.85) 0.771 0.672 0.624 Oct 0.940 0.848 0.760 0.670 0.621 Nov 0.931 0.842 0.755 0.664 0.607 Dec 0.934 0.837 0.756 0.662 0.602 ——————————————————————————————————6/12— October disposables follow >>> ADVICE CLINIC ANSWERS QUERIES p543 Bonds Your Money Saving It's Your Life!P548 Teletext 548 Dec47 23:38:47 ——————— COT: INFLA$JON ALLOWANAE —————— 1987 1988 1989 1990 1991 Jan 0.596 0.545 0.438 0.336 0.226 Feb 0.590 0.539 0.428 0.128 0.219 March 0.586 0.533 0.421 0.315 0.215 April 0.568 0.509 0.396 0.276 0.199 May 0.566 0.503 0.388 0.265 0.196 June 0.)66 0.497 0.383 0.260 0.190 July 0.)68 0.496 0.382 0.259 0.193 Aug 0.k63 0.479 0.378 0.246 0.190 Sept 0.559 0.472 0.369 0.234 0.186 Oct 0.551 0.458 0.358 0.225 0.181 Nov 0.544 0.451 0.347 0.228 0.177 Dec 0.545 0.447 0.343 0.229 0.176 ——————————————————————————————————7/12 October disposables follow >>> ADVICE CLINIC ANSWERS QUERIES p543 Bonds Your Money Saving It's Your Life!P548 $eletext 548 Dec27 23:19:24 ——————— COT: INFLA$JON ALLOWANAE —————— 1992 1993 1994 1995 Jan 0.177 0.157 0.130 0.093 Feb 0.171 0.150 0.123 0.086 March 0.168 0.146 0.120 0.082 April 0.150 0.135 0.107 0.071 May 0.146 0.131 0.103 0.067 June 0.146 0.132 0.103 0.065 July 0.150 0.134 0.108 0.070 Aug 0.149 0.130 0.103 0.065 Sept 0.145 0.125 0.101 0.060 Oct 0.141 0.126 0.099 0.065 Nov 0.142 0.127 0.098 0.065 Dec 0.147 0.125 0.093 0.059 ——————————————————————————————————8/12 October disposables follow >>> NEW WAYS TO MAXIMISE MONEY p541 Bonds Your Money Saving It's Your Life!P548 Teletext 548 Dec47 23:38:17 ——————— COT: INFLATION ALLOWANCE —————— 1996 1997 Jan 0.063 0.034 Feb 0.058 0.030 Mar 0.053 0.027 Apr 0.046 0.021 May 0.044 0.017 June 0.043 0.013 July 0.047 0.013 August 0.042 0.007 Sept 0.038 0.002 Oct 0.038 0.001 Nov 0.037 Dec 0.034 ——————————————————————————————————9/12 November figures out early January NEWSY BITS AND BOBS p481 Bonds Your Money Saving It's Your Life!P548 Teletext 548 Dec47 23:14:30 ————— 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.=% Feb 1.8% 2.4% 3.4% 3.4% 2.=% 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.=% 2.5% 2.7% Jun 1.2k 2.6% 3.5% 2.8% 2.4% 2.=% Jul 1.4% 2.3) 3.5% 2.=% 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.=% 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 Statistic1 INFLATION FIGURES FOR 1996 FOLLOW >> Bonds Your Money Saving It's Your Life!P548 Teletext 548 Dec47 23:40:21 ————— INFLATION: Month-on-Month ——————— All items Ex mortgages 1996 1997 1996 1997 Van 2.9) 2.=% 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.=% 2.8% Sip 2.1% 3.6% 2.9% 2.7% Oct 2.7% 3.7% 3.3% 2.8% Nov 2.7% 3.7% 3.3% 2.8% Dec 2.5) 3.1% ——————————————————————————————————11/12 Government's inflation target is 2.50% INFLATION YEAR-ON-YEA FOLLOWS Bonds Your Money Saving It's Your Life!P548 Teletext 548 Dec47 23:11:12 ————— INFLA$ION: 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: Cjnttal Statistical Officu LOOSING FOR FINANAIAL ADVICE? p543 Bonds Your Money Saving It's Your Life!