Tax Overview
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| Personal Allowances | £ |
| Basic | 4895 |
| Age 65-74 | 7090 |
| Age 75 & over | 7220 |
| Married couples basic | Nil |
| Married couples 65-74* | 5905 |
| Married couples 75 & over* | 5975 |
* restricted to 10%
| Income Tax Rates after Personal Allowance | £ |
| Starting rate 10% | 0 - 2,090 |
| Basic rate 22% | 2,090 - 32,400 |
| High Rate 40% | Over 32,400 |
Income Tax
The basic rate of tax is 22%, as announced in the Budget. However, between 1992/93 and 1999/2000 the number of 40% taxpayers rose by a third, as earnings outpaced the rise in the threshold for higher rate tax. (HM Revenue & Customs and ONS). In 2005/06 you may discover that you too have joined the higher rate taxpaying club.
