SLATERS CHARTERED ACCOUNTANTS

162A London Road
 Chesterton
Newcastle Under Lyme
Staffordshire
ST5 7JB
Tel: 01782 566101 Fax: 01782 566090

Income Tax Rates

2008/09
2007/08
Band
£
Rate
%
 Band
£
Rate
%
0 - 2,320
10*
 0 - 2,230
10
2.321 - 36,000
20**
 2,231 - 34,600
22**
Over 36,000
40***
 Over 34,600
40***

* Only applicable to dividends and savings income.
** Except dividends (10%) and, in 2007/08, savings income (20%).
*** Except dividends (32.5%).
Other income taxed first, then savings income and finally dividends.

 

Civil Partnership Act (CPA)

The CPA which gives legal recognition to same-sex couples became law in November 2004. However the Act does not come into effect until 5 December 2005. The Act will allow same-sex couples to make a formal legal commitment to each other by entering into a civil partnership through a registration process. A range of important rights and responsibilities will flow from this including legal rights and protections.

With effect from 5 December 2005 registered same-sex couples will be treated in the same way as married couples for tax purposes. 

Comment

One of the key areas affected will be inheritance tax where transfers between partners will be exempt.

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