P221 CEEFAX 221 Tue 15 Nov 20:10/03   1/3     TAX GUIDE (1) + Income tax is assessed on personal income only after your income exceeds the totals below. These are known as tax-free personal allowances. 1987/88 1988/89 Single Married Single Married £2,425 £3,795 £2,605 £4,095 + If, however, you are 65 or over or can expect capital gains of more than £5,000 in the current tax year, see the following pages.  More Rates MoneyFile EconoData Headlines
P221 CEEFAX 221 Tue 15 Nov 20:20/01   2/3      TAX GUIDE (2) + If you are 65 or over (or 80 or over) at the end of the tax year the tax-free portion of your income is as follows. 1987/88 1988/89 Single Married Single Married 60-plus £2,960 £4,675 £3,180 £5,035 80-plus £3,070 £4,845 £3,310 £5,205 + If, however, your personal income exceeds £10,600 in 1988/89, you lose £2 of your age allowance for every £3 by which your income exceeds £10,600. NB Your personal allowance remains intact however great your income.  More Rates MoneyFile EconoData Headlines
P221 CEEFAX 221 Tue 15 Nov 20:01/04   3/3      TAX GUIDE (3) + After deducting allowances (preceding pages) your income is taxed as follows: 1987/88 % 1988/89 % First £17,900 27 First £19,300 25 £17,901-£20,400 40 £19,301 upwards 40 £20,401-£25,400 45 £25,401-£33,300 50 £33,301-£41,200 55 £41,201 upwards 60 NB Taxable income is arrived at after deducting personal allowances, mortgage interest, pension contributions, etc.  More Rates MoneyFile EconoData Headlines