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-> This file contains some quotations about taxation, and          
   summary income tax data for the UK and Ireland.
 
-> The file has been supplied as an integral part of YOUR-PLAN.
   This is a personal financial planning software package developed 
   as a shareware package for use on a 'try-before-you-buy' basis 
   by Invest-Tech Limited. For contact details, see end of this file.

-> To view this file page-by-page, type "TYPE TAX.TXT|MORE"
   To print this file, type "PRINT TAX.TXT"

		 (Press CTRL+BREAK to quit now)
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		       INTRODUCTION
		       ============

YOUR-PLAN (r2.1) contains a facility to enable users to enter 
basic tax data (allowances and rates) so as to enable YOUR-PLAN 
to calculate net monthly salaries and to apply marginal tax rates 
to any changes in salary etc. Basic tax data for the UK and 
Irish systems is presented below after a series of quotations by 
famous and infamous people on the subject of "tax".

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		     QUOTES ABOUT TAX
		     ================

The avoidance of taxes is the only intellectual pursuit that 
still carries any reward                                                
 - John Maynard Keynes                                          
						
The difference between tax avoidance and tax evasion is the 
thickness of a prison wall                                      
 - Denis Healey                                         
						
We don't pay taxes. The little people pay taxes                 
 - Leona Helmsley at her tax fraud trial, 1989                                          
 
The art of taxation consists in so plucking the goose as to
obtain the largest amount of feathers with the least possible
amount of hissing                                               
 - J. B. Colbert, 1665                                          
						
Taxing is an easy business. Any projector can contrive new
compositions, any bungler can add to the old.                   
 - Edmund Burke                                         

Be at the pains of putting down every single item of expenditure 
whatsoever every day which could possibly be twisted into a 
professional expense and remember to lump in all the doubtfulls                                            
  - Hilaire Belloc                                              
						
There is one difference between a tax collector and a 
taxidermist - the taxidermist leaves the hide                    
 - Mortimer Caplan                                              
						
(Tax) has made more liars out of the American people than golf  
 - Will Rogers                                          
						
There is no such thing as a good tax                            
 - Winston Churchill                                            
						
In this world nothing is certain but death and taxes            
 - Benjamin Franklin                                            
						
There is just one thing I can  promise you about the outer-space
progamme - your tax-dollar will go further                      
 - Werner von Braun                                             

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	  BASIC TAX RATES ETC. - UK (1993/4 and 1994/5)
	  =============================================


NB: 
Depending on your printer set-up, the pound currency sign may 
appear as a blank space or as #. Try switching the printer to
using an "IBM" symbol set.

		*****************************

The following rates etc. refer to the tax year ending April 1994:

Income tax rates
----------------
Up to 2,500                     20%
2,501-23,700                  25%
Excess over 23,700             40%

Main personal allowances:
------------------------                        
Personal                        3,445
Married couple's                1,720
Single parent addition          1,720

Other significant reliefs
-------------------------
Mortgage interest relief (at 25% rate only) on loans of up to
30,000. Annual exemption for capital gains is 5,800 for 
individuals.

	      ***************************

The following rates etc. refer to the tax year 1994/5 and are
based on the changes announced in the November 1993 Budget.

Income tax rates
----------------
Up to 3,000                     20%
3,001-23,700                  25%
Excess over 23,700             40%

Main personal allowances:
------------------------                        
Personal (under 65s)            3,445
Married couple's (under 65s)    1,720  (at 20% tax rate only)
Single parent addition          1,720  (at 20% tax rate only)

Other significant reliefs
-------------------------
Mortgage interest relief (at 20% rate only) on loans of up to
30,000. Annual exemption for capital gains is 5,800 for 
individuals.

	      ***************************

When assessing your tax position, you may also need to take 
account of age allowances, dividends, benefits-in-kind 
(company car, cheap loans etc.), capital gains, BES and (from
1st January 1994) Enterprise Investment Scheme relief etc.

When entering details of deductions into YOUR-PLAN, you should 
allow for National Insurance Contributions. The current standard
rate for employees is 2% on the first 56/week and 9% on weekly
earnings of between 56 and 420. After April 1994, the rate for 
weekly earnings between 57 and 430 will be increased to 10%.

The foregoing is a brief synopsis of the main provisions etc.
to enable you to use YOUR-PLAN to do some basic planning. 
Consult your professional adviser for specific guidance 
especially if your tax position is complex or unclear.

***************************************************************

	     BASIC TAX RATES ETC. - IRELAND (1993/4)
	     =======================================
NB: 
Depending on your printer set-up, the pound currency sign may 
appear as a blank space or as #. Try switching the printer to
using an "IBM" symbol set.

Income tax rates
----------------
	Rate    Married         Single/widowed
	----    -------         --------------
	27%     First 15,350   First 7,675
	48%     Balance         Balance
 
Main personal allowances
------------------------
Single                          2,175
Married                         4,350
Widowed                         2,675
One parent family allowance:
 - Widowed                      1,675
 - Other                        2,175
PRSI Allowance                    286
PAYE Allowance                    800

You should consult tax tables etc. for details of other 
allowances applicable to widowed people, older people etc. 
and for exemption limits.

The ceiling for mortgage relief is 5,000 for a married couple 
(2,500 for single person). The maximum amount that can be 
claimed is the lower of 90% of the amount paid and the ceiling. 
Special reliefs apply to widowed people, first-time buyers etc.

The employees PRSI rate is 5.5% up to a maximum of 20,000. The 
health contribution (1.25%), employment & training (1%), temporary 
income (1%) levies also apply to most employees. 

In assessing taxation, account must also be taken of capital 
gains tax (40% with indexation and allowances of 1,000 for 
single people and 2,000 for a married couple), BES relief, 
residential property tax, capital acquisitions tax etc. 

The foregoing is a brief synopsis of the main provisions etc.
to enable you to use YOUR-PLAN to do some basic planning. 
Consult your professional adviser for specific guidance 
especially if your tax position is complex or unclear.

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YOUR-PLAN (c) Copyright Invest-Tech Limited 1992, 1993   
All Rights Reserved     

	Invest-Tech Limited  
	27 Ardmeen Park, Blackrock, Co. Dublin, Ireland

  Tel:  283 4083 (24-hours)  Fax: 661 3130
 Dial codes: National:01- UK:010-353-1- International:+353-1-
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	      *** End of TAX.TXT file ***
