Budget 2005

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Budget 2005

Introduction

Personal Income Tax

Tax Credits

National Insurance Contributions

Employees

Pensioners

Savings

Trusts

Capital Gains Tax

Stamp Duty Land Tax

Inheritance Tax

Corporation Tax

Business Tax

Value Added Tax

Other Measures

Tax Tables

National Insurance

National Insurance

Table D
Rates and limits for 2005/06

Class 1	Weekly	Monthly	Yearly
Primary Threshold - employees	£94	£408	£4,895
Upper Earnings Limit - employees	£630	£2,730	£32,760
Secondary Threshold - employers	£94	£408	£4,895

Employer's Contribution	Contracted In	Contracted Out
		Salary Related Scheme	Money Purchase Scheme
On earnings up to threshold	Nil	Nil	Nil
On earnings between threshold and upper earnings limit	12.8%	9.3%	11.8%
On earnings above upper earnings limit	12.8%	12.8%	12.8%

Employee's Contribution

Contracted in: 11% on earnings between lower and upper limits, 1% above upper limit.
Contracted Out: 9.4% on earnings between lower and upper limits, 1% above upper limit.

Earnings over £82 per week qualify for benefit, and must be reported under PAYE, but no NICs are payable until earnings exceed £94 per week.

The reduced Class 1 contributions payable by certain married women and widows rises to 4.85% for earnings between £94 and £630 per week, 1% above £630 per week.

Class 2 (Self-employed)

Earnings over £4,345 per year

£2.10 per week

Class 3 (Voluntary)

No limit applicable

£7.35 per week

Class 4 (Self-employed)

Profits between £4,895 and £32,760

Profits above £32,760

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