The following tax rates and allowances are applicable for the tax year 1997/98 with comparatives for the year 1996/97.
| TAX PAYMENT DATES |
1997/98 |
1996/97 |
| Income Tax | ||
| First payment on account | 31/01/98 | 31/01/97 |
| Second payment on account | 31/07/98 | 31/07/97 |
| Balancing payment | 31/01/99 | 31/01/98 |
|
Pre 6/04/94 Partnerships |
||
| First payment on account | 31/01/98 | 01/01/97 |
|
First payment on account |
31/07/98 |
01/07/97 |
|
Balancing payment |
31/01/99 |
- |
| The Payment on account are normally half the previous year's final tax liability (except partnerships in 1996/97). For untaxed investment income, only one pament on account is required on the earlier date. Payments on account are not required for taxed investment income in 1996/97. Where the 1995/96 total liability is less than a de minimis limit of £500, no payments on account are required for 1996/97. | ||
| Capital gains Tax | 31/01/99 | 31/01/98 |
| Corporation Tax | ||
| After end of accounting period | 9 months | 9 months |
| Inheritance Tax | ||
| After end of month in which death or chargeable transfer occurs | 6 months | 6 months |
| Tax on non-exempt lifetime gifts made 6 April to 30 September due 30 April in the following year. | ||
|
Self Assessment Filing Deadlines |
1997/98 | 1996/97 |
| Personal tax return - HMIT calculates tax | 30/09/98 | 30/09/97 |
| Personal tax return - Taxpayer calculates tax | 31/01/99 | 31/01/98 |
| Partnership tax return | 31/01/99 | 31/01/98 |