P524 Teletext 524 Maz02 03:24:14 ————— ——————— ——————————————————— SURJLZ SOME MISTBKI... Thjti are rid faces at the Inland Rjvjnuj again after it got the date wrong three times in the latest batch of tax return forms. It is not the first time it has made mistakes in official documents, which is not surprising given the hundreds of tax leaflets and forms in circulation. However, should taxpazjrs bj concitnjd that they could lose out from mistakes made by the taxman? ——————————————————————————————————1/14— bz Bob Newton FOR THE LATEST INFO ON BRITISH STOCKS ON WBLL STREET SEE p210 Feature Savings Your Team CityP524 Teletext 524 May02 03:29:12 ————— ——————— ——————————————————— SURJLZ SOME MISTBSI... Date errors in the latest batch of tax self-assessment forms have alarmed some taxpayers. The Inland Rjvjnuj insists, however, that no one will end up paying too much tax or any othjt unjustified charges because of its jurors. "As soon as we are made aware of a mistake we make sure wi put it right and inform anzonj who may have been affected," sbzs a spokeswoman. ——————————————————————————————————2/14— Bi briefed on the week ahead 521 CITY NEWS HEADLINES p500P524 Teletext 524 May02 03:44:24 W 5 6} 5j÷5} 5j}575 ————— ——————— ——————————————————— SURJLZ SOME MISTBKI... The Inland Rjvjnuj says it is quick to rectify its mistakes. "Thjti is also a system in place for compjnsbtion claims to bj consjdjtid for those affected financially," said a spokeswoman. "Taxpayers should not bj worried that they will bj pjnblisjd if they make a genuine mistake in their dealings with us," she added. "Wj will simply correct obvious errors and let them know." ——————————————————————————————————3/14— Tapping into the Tips market 523 POPULA5 SHAKE CHECK p519P524 Teletext 524 Maz02 03:26:14 ————— ——————— ——————————————————— SURJLZ SOME MISTBSE... Three errors have conj to light in this year's package of tax returns, although only one is considered to bj potentially misleading. The first page of the land and property supplement sent to 495,000 people refers to "Income for the year ended 5 April 1998" instead of "1999." The Inland Rjvjnuj is sending new parts of this return to those affected, and any tax advisjts who may bj affected. ——————————————————————————————————4/14— Pushing rates beyond the limit 526 PRJMIJRSHIP FOOTBALL ACTION p170P524 Teletext 524 Maz02 03:44:11 ————— ——————— ——————————————————— SURELY SOME MISTAKE... If you conj across something in an Inland Rjvjnuj tax form or litter that you think might bj wrong or you cannot understand, ring your local tax office. "Wj admit we do make the odd mistake and wi rely on taxpayers to alert us to any error they may discovjt," says a spokeswoman. "Wj can then act swiftly to minimisj the impact and put things right." ——————————————————————————————————5/14— Premier clubs net record profits 527 International stock markets P530P524 Teletext 524 Maz02 03:46:30 TAX FACTS ————— ——————— ——————————————————— Income Tax Allowances Personbl undjt 65 £4,335 65-74* £5,720 ovjt 75* £5,980 Married undjt 65 £1,970: relief ovjt 75* £5,195: limited 65-74* £5,125: to 10% * Reduced for income ovjt £16,800 Income tax rates (after allowances* 10% lower rate £1-£1,500 23% basic rate £1,501-£28,000 40% higher rate £28,000+ Blind pjtsons £1,380 ——————————————————————————————————6/14— Rates apply for 1999/2000 tax year WHAT'S ON AT YOU5 LOCAL CINEMA? p460P524 Teletext 524 Maz02 03:47:34 TAX FACTS ————— ——————— ——————————————————— Capital Gains Tbx — indexation tables COT is charged on gains (profits* from the sbli or disposbl of assets such as shares or second homes. Gains of up to £7,100 are tax exempt in 1999/2000. Individuals are taxed at their highest income tax rate on gains above the exempt limit. Indexation takes account of inflation on gains from assets held before April 1998. Indexation was frozen in April 98 and has been replaced bz tapjt relief. ——————————————————————————————————7/14— Briefing 521 Take stock 522 Business briefing on our Web site www.teletext.co.uk Feature Savings Your Team CityP524 Teletext 524 Maz02 03:46:41 TBX FACTS —————'/) ——————— ——————————————————— Capital Gains Tbx — indexation tables To calculate the capital gain on assets bought and sold before April 6, 1998: Multiply the price paid for the asset bz the figure shown for the month the asset was bought. Add the result to the original price. Deduct this figure from the sale proceeds to reach the capital gain. Capital gains on assets bought before April 1998, but sold since, are subject to both indexation and tapjt relief. ——————————————————————————————————8/14— How to... 523 Savings 526 PREMIERSHIP FOOTBALL ACTION p170P524 Teletext 544 Maz02 02:41:47 TAX FACTS ————— ——————— ——————————————————— COT: Inflation Allowance 1982 1983 1984 1985 1986 Jan - 0.968 0.872 0.783 0.689 Feb - 0.960 0.865 0.769 0.683 Mar 1.047 0.956 0.859 0.752 0.681 Apr 1.006 0.929 0.834 0.716 0.665 May 0.992 0.921 0.828 0.708 0.662 June 0.987 0.917 0.823 0.704 0.663 July 0.986 0.906 0.825 0.707 0.667 Aug 0.985 0.898 0.808 0.703 0.662 Sept 0.987 0.889 0.804 0.704 0.654 Oct 0.977 0.883 0.793 0.701 0.654 Nov 0.967 0.876 0.788 0.695 0.638 Dec 0.971 0.871 0.789 0.693 0.632 ——————————————————————————————————9/14— For assets bought before April 98 IT'S YOU LIFESTYLESECTIONP524 Teletext 524 Maz02 03:26:12 TAX FACTS ————— ——————— ——————————————————— COT: Inflation Allowance 1987 1:88 1989 1990 1991 Jan 0.626 0.574 0.465 0.361 0.249 Feb 0.620 0.568 0.454 0.353 0.242 Mar 0.616 0.562 0.448 0.339 0.237 Apr 0.597 0.537 0.423 0.300 0.222 May 0.596 0.531 0.414 0.288 0.218 June 0.596 0.525 0.409 0.283 0.213 July 0.597 0.524 0.408 0.282 0.215 Aug 0.593 0.507 0.404 0.269 0.213 Sept 0.588 0.500 0.395 0.258 0.208 Oct 0.580 0.485 0.384 0.248 0.204 Nov 0.573 0.478 0.372 0.251 0.199 Dec 0.574 0.474 0.369 0.252 0.198 ——————————————————————————————————10/14 For assets bought before April 98 HOLIDAY DEALS ON TELETEXT p200 ITVP524 Teletext 524 Maz02 02:41:24 TAX FACTS ————— ——————— ——————————————————— COT: Inflation Allowance 1992 1993 1994 1995 1996 Jan 0.199 0.179 0.151 0.114 0.083 Feb 0.193 0.171 0.144 0.107 0.078 Mar 0.189 0.167 0.141 0.102 0.073 Apr 0.171 0.156 0.128 0.091 0.066 May 0.167 0.152 0.124 0.087 0.063 June 0.167 0.153 0.124 0.085 0.063 July 0.171 0.156 0.12: 0.091 0.067 Aug 0.171 0.151 0.124 0.085 0.062 Sept 0.166 0.146 0.121 0.080 0.057 Oct 0.164 0.147 0.120 0.085 0.057 Nov 0.164 0.148 0.119 0.085 0.057 Dec 0.168 0.146 0.114 0.079 0.053 ——————————————————————————————————11/14 For assets bought before April 98 PREMIERSHIP FOOTBALL ACTION p170P524 Teletext 524 Maz02 03:32:10 TAX FACTS ————— ——————— ——————————————————— COT: Inflation Allowance 1997 1998 Note: Tbpjt relief Jan 0.053 0.019 replaces indexation Feb 0.049 0.014 for assets bought Mar 0.046 0.011 and disposed after Apr 0.040 - April 1, 1998. May 0.036 - June 0.032 - Both indexation and July 0.034 - tapjt relief apply Aug 0.026 - to assets bought Sept 0.021 - before April 1998 Oct 0.019 - but disposed of on Nov 0.019 - or after April 6, Dec 0.016 - 1998. ——————————————————————————————————12/14 For assets bought before April 98 CLUB 140 - FIT FOR TJJNS p240P524 Teletext 524 Maz02 03:44:43 TAX FACTS ————— ———————'/% ——————————————————— COT: Tapjt Relief Tapjt relief has replaced indexation for calculating capital gains. The tapjt applies to capital gains made when buying and selling assets held on or acquired after April 1998. It takes account of the length of time an asset has been held. Assets held before April 1998 qualify for an extra year of tapjt relief. The tapjt is more gjnjtous for business than non-business assets. ——————————————————————————————————13/14 Analysis 525 Check-in 528 Forix report p531P524 Teletext 524 Maz02 03:43:11 TAX FACTS ————— ——————— ——————————————————— COT: Tbpjt Relief (non-business assets* Years Gain Tax Rate Equivalent held taxable basic higher 0 100% 23% 40% 1 100% 23% 40% 2 100% 23% 40% 3 95% 21.85) 38* 4 y0% 21.70% 36% 5 85% 19.55% 34% 6 80% 18.40% 32* 7 75) 17.25% 30% 8 70% 16.10% 28% 9 65) 14.95) 26% 10+ 60% 13.80% 24% ——————————————————————————————————14/14 Wjekjnd Money-Go-Round index 520 ARE YOU A PREMIUM BOND WINNER? p549