Budget 2004
Introduction
Personal
Income Tax
Tax Credits
National Insurance Contributions
Employees
Pensioners
Savings
Trusts
Capital Gains Tax
Inheritance
Tax
Stamp Duty / Stamp Duty Land
Tax
Corporation Tax
Business Tax
Value Added Tax
Other Measures
Tax
Tables
National Insurance
|
National
Insurance
Table D
Rates and limits for 2004/05 |
| |
| Class 1 |
Weekly |
Monthly |
Yearly |
| Primary Threshold - employees |
£91 |
£395 |
£4,745 |
| Upper Earnings Limit - employees |
£610 |
£2,643 |
£31,720 |
| Secondary Threshold - employers |
£91 |
£395 |
£4,745 |
|
| |
| 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 £79 per week qualify for benefit, and must
be reported under PAYE, but no NICs are payable until earnings
exceed £91 per week.
The reduced Class 1 contributions payable by certain married
women and widows rises to 4.85% for earnings between £91
and £610 per week, 1% above £610 per week. |
| |
| Class 2 (Self-employed) |
Earnings over £4,215 per year |
£2.05 per week |
| Class 3 (Voluntary) |
No limit applicable |
£7.15 per week |
| Class 4 (Self-employed) |
Profits between £4,745 and £31,720 |
8% |
| |
Profits above £31,720 |
1% |
|
