| CORPORATION TAX |
| |
| Year
Commencing |
|
1 April 2001 |
|
1 April 2000 |
| Main rate |
|
30% |
|
30% |
| Small companies' rate |
|
20% |
|
20% |
| Effective marginal
rate |
|
32.5% |
|
32.5% |
| ACT (year commencing 6
April) |
|
N/A |
|
N/A |
| Small companies' rate
to |
|
£300,000 |
|
£300,000 |
| Marginal rate on next |
|
£1,200,000 |
|
£1,200,000 |
|
| |
| MAIN
CAPITAL ALLOWANCES |
| |
| Motor cars - 25% of
reducing balance (max. £3,000 p.a. per
car) |
| Plant and machinery -
25% of reducing balance. Small / medium
firms' first year allowance - 40%. Small firms 100% on IT. |
| Industrial buildings -
4% of cost |
| Enterprise zone
buildings - 100% initial allowance |
| Agricultural buildings
- 4% of cost |
|
| |
| VALUE ADDED
TAX |
| |
| From |
|
1 April 2000 |
|
1 April 1999 |
| Standard
Rate |
|
17.5% |
|
17.5% |
| VAT
Fraction |
|
7 / 47 |
|
7 / 47 |
| Taxable
Turnover Limits |
|
|
|
|
| Registration
- last 12 months or coming 30 days over |
|
£52,000 |
|
£51,000 |
| Deregistration
- coming year under |
|
£50,000 |
|
£49,000 |
| Cash
accounting scheme - coming year up to |
|
£350,000 |
|
£350,000 |
| |
|
|
|
|
| VAT Scale Charge - VAT
due per quarter per car |
| |
|
Petrol |
|
Diesel |
| Up to 1400
cc |
|
£38.12 |
|
£34.55 |
| 1401 -
2000 cc |
|
£48.40 |
|
£34.55 |
| Over 2000
cc |
|
£71.19 |
|
£43.93 |
|
| |
| CAPITAL
GAINS TAX |
| |
| |
|
2000 / 01 |
|
1999 / 00 |
| Taxed as
top slice of income |
|
(savings rates) |
|
(20% / 40%) |
| Annual
exemption |
|
|
|
|
| -
individual |
|
£7,200 |
|
£7,100 |
| -
settlement |
|
£3,600 |
|
£3,550 |
| Chattels
exemption (proceeds) |
|
£6,000 |
|
£6,000 |
| Retirement
relief |
|
|
|
|
| - exempt,
first |
|
£150,000 |
|
£200,000 |
| - 50%
exempt, next |
|
£450,000 |
|
£600,000 |
| Transfers between husband and
wife living together are exempt. |
|
|
|
| INHERITANCE
TAX |
| |
| |
|
2000 / 01 |
|
1999 / 00 |
| Transfers on or Within 7
Years Before Death |
| Nil rate
band to |
|
£234,000 |
|
£231,000 |
| Rate of
tax on balance |
|
40% |
|
40% |
| |
|
|
|
|
| Chargeable
Lifetime Transfers |
|
20% |
|
20% |
| All lifetime transfers
not covered by exemptions and made within
seven years of death will be added back
into the estate for the purpose of
calculating the tax payable at the rate
at death. This may then be reduced by
taper relief. |
| |
|
| Reduced Charge on Gifts
Within 7 Years of Death |
| Years
before death |
|
0 - 3 |
|
3 - 4 |
|
4 - 5 |
|
5 - 6 |
|
6 - 7 |
| % of death
charge |
|
100% |
|
80% |
|
60% |
|
40% |
|
20% |
|
| |
| Main Exemptions |
 Most transfers between
husband and wife The first £3,000 of
lifetime transfers in any tax year (husband and
wife each have own exemption) Gifts
of up to but not exceeding £250 p.a. to any
number of persons Gifts made out of income
that form part of normal expenditure and do not
reduce the standard of living Gifts
in consideration of marriage to bride and / or
groom as follows: up to £5,000 by a parent,
£2,500 by a grandparent, or £1,000 by any other
person Gifts to charities, whether made
during lifetime or on death. |
| |
| KEY DATES
AND DEADLINES |
| |
| |
|
2000 / 01 |
|
1999 / 00 |
| Income Tax and Class 4
NIC |
1st
payment on account
31 January |
|
2001 |
|
2000 |
2nd
payment on account
31 July |
|
2001 |
|
2000 |
Balancing
payment
31 January |
|
2002 |
|
2001 |
| |
|
|
|
|
Capital
Gains Tax
31 January |
|
2002 |
|
2001 |
| |
|
|
|
|
|
| Corporation
Tax |
|
9 months
after the end of accounting period |
| |
|
|
| Last
Filing / Issuing Deadlines |
|
1999 / 00 PAYE
Returns |
| 19 May 2000 |
|
P14, P35, P38, P38A, SC11 and CIS36 |
| 31 May 2000 |
|
Issue P60s to
employees |
| 6 July 2000 |
|
P9D and P11D - also
issue copies to employees |
| 31 January 2001 |
|
Self Assessment Tax Return |
|
|
|
|
| 1999 / 00 Class 1A
National Insurance on Car and Car Fuel Benefits |
| 19 July 2000 - Payment due |
| |
| Based on 2000 Budget -
subject to confirmation by Finance Act. For
further advice on the above information please
refer to the office. |
|
