Introduction to tax rates
We have summarised the key rates and allowances which are fundamental to our business and personal lives. We are sure that you will find them a useful point of reference and have set out below a few examples of how they can be used.
Capital Allowances: Plant & Machinery
- The cost of purchasing capital equipment in a business is not a revenue tax deductible expense. However tax relief is available on certain capital expenditure in the form of capital allowances.
- Plant and machinery allowances may be available on items such as machines, equipment, furniture, certain fixtures in a building (‘integral features’), computers, cars, vans and similar equipment used in a business.
- There are special rules for cars and certain ‘environmentally friendly’ equipment.
- Plant and machinery allowances may be available to owners of commercial property which is let out to a business.
- The Annual Investment Allowance (AIA) gives a 100% write-off on most types of plant and machinery (but not cars) up to an annual limit.
- Writing down allowances (WDA) are given for expenditure for which AIA is not, or cannot be, claimed.
- Structures and Buildings Allowance is introduced from 29 October 2018 at a rate of 2% on a straight line basis
AIA
- Special rules apply to accounting periods straddling the dates shown in the tables below.
- The AIA may need to be shared between certain businesses under common ownership.
AIA limits – companies
Expenditure incurred: |
Annual limit |
---|---|
From 1 January 2016 | £200,000 |
From 1 January 2019 | £1,000,000 |
AIA limits – sole traders and partnerships
Expenditure incurred: |
Annual limit |
---|---|
From 1 January 2016 | £200,000 |
From 1 January 2019 | £1,000,000 |
Other plant and machinery allowances
- Expenditure upon which AIA is not given/claimed will obtain relief through the ‘main rate pool’ or the ‘special rate pool’ rather than each item being dealt with separately.
- The annual rate of WDA is 18% in the ‘main rate pool’ and 8% in the ‘special rate pool’.
- A 100% first year allowance (FYA) may be available on certain energy efficient plant and cars.
Cars
- For expenditure incurred on cars, costs are generally allocated to one of the two plant and machinery pools.
- AIA is not available on any car but a 100% first year allowance may be available on certain cars. To qualify for first year allowance, the car must be purchased new.
Cars acquired from April 2018
Emissions (g/km) |
Pool |
Allowance |
---|---|---|
≤50 | Main rate | 100% FYA |
≤ 110 | Main rate | 18% WDA |
>110 | Special rate | 8% WDA |
Capital Gains Tax
- CGT is payable by individuals, trustees and personal representatives (PRs). Companies pay corporation tax on their capital gains.
- There are annual tax free allowances (the ‘annual exempt amount’) for individuals, trustees and PRs. Companies do not have an annual exempt amount.
- For individuals net gains are added to total taxable income to determine the appropriate rate of tax. The standard rate applies only to the net gains which, when added to total taxable income, do not exceed the basic rate band.
- Gains which qualify for Entrepreneurs’ Relief or Investors’ Relief are charged at 10% for the first £10m of qualifying gains.
Rates and annual exemption 2018/19
Individuals | 2018/19 |
---|---|
£ | |
Exemption | 11,700 |
Standard rate | 10%** |
Higher rate* | 20%** |
* For higher rate and additional rate taxpayers.
** Higher rates of 18% and 28% may apply to the disposal of certain residential property.
Trustees | 2018/19 |
---|---|
£ | |
Exemption | 5,850 |
Rate | 20% |
Car Benefits
- The car benefit is calculated by multiplying the car’s list price, when new, by a percentage linked to the car’s CO2 emissions.
- For diesel cars generally add a 4% supplement (unless the car is registered on or after 1 September 2017 and meets the Euro 6d emissions standard) but the maximum is still 37%.
- The list price includes accessories.
- The list price is reduced for capital contributions made by the employee up to £5,000.
- Special rules may apply to cars provided for disabled employees.
- For cars registered before 1 January 1998 and cars with no agreed CO2 emissions the charge is based on engine size.
CO2 emissions (g/km) (round down to nearest 5g/km for values above 95) |
% of car’s list price taxed |
---|---|
0-50 | 13 |
51 up to 75 | 16 |
76 up to 94 | 19 |
95 | 20 |
100 | 21 |
105 | 22 |
110 | 23 |
115 | 24 |
120 | 25 |
125 | 26 |
130 | 27 |
135 | 28 |
140 | 29 |
145 | 30 |
150 | 31 |
155 | 32 |
160 | 33 |
165 | 34 |
170 | 35 |
175 | 36 |
180 and above | 37 |
Car Fuel Benefit
- Car fuel benefit applies if an employee has the benefit of private fuel for a company car.
- The benefit is calculated by applying the percentage used to calculate the car benefit by a ‘fuel charge multiplier’.
- The charge is proportionately reduced if provision of private fuel ceases part way through the year. The fuel benefit is reduced to nil only if the employee pays for all private fuel.
Car fuel benefit 2018/19 | |
---|---|
Fuel charge multiplier | £23,400 |
Company Cars: Advisory Fuel Rates
- Advisory rates only apply where employers reimburse employees for business travel in a company car or require employees to repay the cost of fuel used for private travel in a company car.
- If the rate paid per mile of business travel is no higher than the advisory rate for the particular engine size and fuel type of the car, HMRC will accept that there is no taxable profit and no Class 1 NIC liability.
The advisory fuel rates for journeys undertaken on or after 1 March 2018 are:
Engine size | Petrol |
---|---|
1400cc or less | 11p |
1401cc – 2000cc | 14p |
Over 2000cc | 22p |
Engine size | Diesel |
---|---|
1600cc or less | 9p |
1601cc – 2000cc | 11p |
Over 2000cc | 13p |
Engine size | LPG |
---|---|
1400cc or less | 7p |
1401cc – 2000cc | 8p |
Over 2000cc | 13p |
Hybrid cars are treated as either petrol or diesel cars for this purpose.
Child Benefit
Rates – 2018/19 | £ per week |
---|---|
Eldest/Only Child | £20.70 |
Other Children | £13.70 |
Corporation Tax
- Corporation tax rates are set for each Financial Year. A Financial Year runs from 1 April to the following 31 March.
- If the accounting period of a company straddles the 31 March, the profits are apportioned on a time basis to each Financial Year.
- The Northern Ireland Executive has committed to setting the rate of corporation tax at 12.5% when the Northern Ireland Executive demonstrates its finances are on a sustainable footing.
Year to 31.3.19 | Rate % |
---|---|
All profits | 19 |
Year to 31.3.18 | Rate % |
---|---|
All profits | 19 |
Employee's Statutory Payments
Statutory pay
- Payments may be required from an employer if an employee is not at work for a variety of reasons.
- There are detailed conditions for an employee to qualify for any of these statutory payments.
- Employees are only eligible for a statutory payment if they have sufficient average weekly earnings of at least the lower earnings limit.
Statutory Sick Pay
- Payments may be required from an employer if an employee is too ill to work.
- SSP is generally payable for a period up to 28 weeks.
Statutory Maternity Pay
- Payments may be required from an employer when an employee takes time off to have a baby.
- SMP is payable for a period up to 39 weeks.
Statutory Paternity Pay
- Payments may be required from an employer when an employee takes time off during their partner’s Statutory Maternity Pay period.
- Payment is for a period of either one or two complete weeks.
Shared Parental Pay
- Payments may be required from an employer when an employee takes time off following the curtailment of the period of SMP by the mother.
- Payment is for up to a maximum of 37 weeks and is dependent on the mother’s unused SMP period.
Statutory Adoption Pay
- Payments may be required from an employer when an employee takes time off when they adopt a child.
- Payment is for a period up to 39 weeks.
2018/19 Statutory pay rates – average weekly earnings £116 or over |
|
---|---|
Statutory Sick Pay | £92.05 |
Statutory Maternity Pay | |
First six weeks | 90% of weekly earnings |
Next 33 weeks | £145.18* |
Statutory Paternity Pay – 2 weeks | £145.18* |
Statutory Adoption Pay – 39 weeks | |
First six weeks | 90% of weekly earnings |
Next 33 weeks | £145.18* |
Shared Parental Pay | £145.18* |
*Or 90% of weekly earnings if lower.
Income Tax Allowances
Income tax personal allowances 2018/19 | £ |
---|---|
Personal Allowance | 11,850 |
Marriage Allowance | 1,190 |
Blind person’s allowance | 2,390 |
Married couple’s allowance Either partner born before 6 April 1935 |
|
– Maximum reduction in tax bill | 869.50 |
– Minimum reduction in tax bill | 336.00 |
Married couple’s allowance income limit Reduce married couple’s allowance by £1 for every £2 of ‘adjusted net income’ above this limit |
28,900 |
Income Tax Rates
- Income tax applies to the amount of income after deduction of personal allowances.
- Income is taxed in a specific order with savings and dividend income taxed last.
- Dividend income and savings income falling within the dividend and savings allowances still form part of total income of an individual.
- The starting rate band is only applicable to savings income. The 0% rate is not available if the taxable amount of non-savings income exceeds the starting rate band.
- The Scottish Parliament set the rates of income tax and the limits at which these rates apply for Scottish residents on non-savings and non-dividend income.
Income tax rates 2018/19
Band of taxable income | Rate | Rate if dividends | |
---|---|---|---|
£ | % | % | |
0 – 5,000 | Starting rate for savings | 0 | N/A |
0 – 34,500 | Basic rate | 20 | 7.5 |
34,501 – 150,000 | Higher rate | 40 | 32.5 |
Over 150,000 | Additional rate | 45 | 38.1 |
Special rates for savings and dividend income falling into above bands of taxable income | |||
Savings Allowance | |||
Basic rate taxpayers | 1,000 | 0 | |
Higher rate taxpayers | 500 | 0 | |
Additional rate taxpayers | Nil | N/A | |
Dividend Allowance | |||
for all taxpayers | 2,000 | 0 |
Income Tax Rates - Scotland
- Scottish resident taxpayers are liable on non-savings and non-dividend income as set out below.
- Savings income and dividend income are taxed using UK tax rates and bands.
Band of taxable income | Rate | |
---|---|---|
£ | % | |
0 – 2,000 | Starter rate | 19 |
2,001 – 12,150 | Basic rate | 20 |
12,151 – 31,580 | Intermediate rate | 21 |
31,581 – 150,000 | Higher rate | 41 |
Over 150,000 | Top rate | 46 |
ISAs
ISA limits 2018/19 | |
---|---|
Overall annual investment limit | £20,000 |
Junior ISA annual investment limit | £4,260 |
Help to Buy ISA monthly subscription limit (initial deposit limit £1,000) | £200 |
Lifetime ISA annual investment limit | £4,000 |
Inheritance Tax
- IHT may be payable when an individual’s estate is worth more than the IHT nil rate band when they die.
- Lifetime and death transfers between UK domiciled spouses are exempt from IHT.
- For 2017/18, a further nil rate band of £100,000 may be available in relation to current or former residences.
- The IHT threshold available on death may be increased for surviving spouses as there may have been a nil rate band not used, or not fully used, on the previous death.
- There are reliefs for some business and farming assets which reduce their value for IHT purposes.
- IHT may also be payable on gifts made in an individual’s lifetime but within seven years of death.
- Some lifetime gifts are exempt.
- Transfers of assets into trust made in an individual’s lifetime may be subject to an immediate charge but at lifetime rates.
- There are also charges on some trusts.
IHT rates and nil rate band 2018/19 and 2017/18
IHT nil rate | £325,000 |
Lifetime rate | 20% |
Death rate | 40% |
Death rate if sufficient charitable legacies made | 36% |
IHT reliefs for lifetime gifts
Annual exemption | £3,000 |
Small gifts | £250 |
Marriage | |
– parent | £5,000 |
– grandparent | £2,500 |
– bride/groom | £2,500 |
– other | £1,000 |
IHT – reduced charge on gifts within seven years of death
Years before death | % of death charge |
---|---|
0-3 | 100 |
3-4 | 80 |
4-5 | 60 |
5-6 | 40 |
6-7 | 20 |
Land and Building Transaction Tax
Land and Buildings Transaction Tax (LBTT) is payable on land and property transactions in Scotland.
LBTT (Residential property)
Consideration (£) | Rate |
---|---|
0 – 145,000 | 0% |
145,001 – 250,000 | 2% |
250,001 – 325,000 | 5% |
325,001 – 750,000 | 10% |
750,001 and above | 12% |
The rates apply to the portion of the total value which falls within each band. Rates may be increased by 3% where further residential properties, costing over £40,000, are acquired.
Rates may be increased by 4% (3% prior to 25 January 2019) where further residential properties, costing over £40,000, are acquired.
First-time buyer relief raises the zero tax threshold for first-time buyers from £145,000 to £175,000.
LBTT (Non-residential)
Consideration (£) | Rate |
---|---|
0 – 150,000 | Nil |
150,001 – 250,000 | 1% |
Over 250,000 | 5% |
The rates apply to the portion of the total value which falls within each band. Different rates and bands applied prior to 25 January 2019.
Land Transaction Tax
LTT (Residential property)
Consideration (£) | Rate |
---|---|
0 – 180,000 | 0% |
180,001 – 250,000 | 3.5% |
250,001 – 400,000 | 5% |
400,001 – 750,000 | 7.5% |
750,001 – 1,500,000 | 10% |
1,500,000 and above | 12% |
The rates apply to the portion of the total value which falls within each band. Rates may be increased by 3% where further residential properties, costing over £40,000, are acquired.
LTT (Non-residential)
Consideration (£) | Rate |
---|---|
0 – 150,000 | Nil |
150,001 – 250,000 | 1% |
250,001 – 1,000,000 | 5% |
Over 1,000,000 | 6% |
The rates apply to the portion of the total value which falls within each band.
Mileage Allowance Payments
- MAPs represent the maximum tax free mileage allowances an employee can receive from their employer for using their own vehicle for business journeys.
- An employer is allowed to pay an employee a certain amount of MAPs each year without having to report payments to HMRC.
- If the employee receives less than the statutory rate, tax relief can be claimed on the difference.
MAP rates per business mile 2018/19 and 2017/18
Cars and vans | Rate per mile |
Up to 10,000 miles | 45p |
Over 10,000 miles | 25p |
Bicycles | 20p |
Motorcycles | 24p |
Minimum Wage
- National Minimum Wage rates apply to employees up to the age of 24.
- National Living Wage rates apply to employees 25 and over.
- The Apprentice rate applies to apprentices under 19, or 19 and over in the first year of apprenticeship.
- Penalties apply to employers who fail to pay minimum wages.
Age | 25+ | 21-24 | 18-20 | 16-17 | Apprentice |
From 1 April 2018 | £7.83 | £7.38 | £5.90 | £4.20 | £3.70 |
National Insurance Contributions
- Employees start paying Class 1 NIC from age 16 (if sufficient earnings).
- Employers pay Class 1 NIC in accordance with the table below.
- Employer NIC for employees under the age of 21 and apprentices under the age of 25 is reduced from the normal rate of 13.8% to 0% up to the Upper Secondary Threshold.
- Employees’ Class 1 NIC stop when they reach their State Pension age. The employer’s contribution continues.
Employees – Class 1 – 2018/19
Earnings per week | % |
---|---|
Up to £162 | Nil* |
£162.01 – £892 | 12 |
Over £892 | 2 |
* Entitlement to state pension and other contribution-based benefits is retained for earnings between £116 and £162 per week.
Employers – Class 1 – 2018/19
Earnings per week | % |
---|---|
Up to £162 | Nil |
Over £162 | 13.8 |
Upper Secondary Threshold (for under 21s and apprentices under 25) Up to £892 |
0% |
Other National Insurance payable by employers
Class 1A – 13.8% on broadly all taxable benefits provided to employees
Class 1B – 13.8% on PAYE Settlement Agreements
Self-employed – Class 2 and 4
- A self-employed person starts paying Class 2 and Class 4 NIC from 16 or over (if sufficient profits)
- Class 2 NIC stop when a person reaches State Pension age
- Class 4 NIC stop from the start of the tax year after the one in which the person reaches State Pension age.
Self-employed – Class 2 – 2018/19
Flat rate per week | £2.95 |
Small Profits Threshold* | £6,205 per year |
* No Class 2 is due if the amount of trading profits assessable to income tax and Class 4 NIC is below this figure. However, a person might decide to carry on paying class 2 voluntarily to accrue entitlement to the State Pension and entitlement to other benefits.
Class 4 – 2018/19
Annual profits | % |
---|---|
Up to £8,424 | Nil |
£8,424.01 – £46,350 | 9 |
Over 46,350 | 2 |
Class 3
- A person needs 35 years (30 years if State Pension age is before 6 April 2016) of NIC to get a full State Pension.
- Class 3 voluntary contributions can be paid to fill or avoid gaps in a NI record.
Class 3 – 2018/19
Flat rate per week £14.65
- Employees start paying Class 1 NIC from age 16 (if sufficient earnings).
- Employers pay Class 1 NIC in accordance with the table below.
- Employer NIC for employees under the age of 21 and apprentices under the age of 25 is reduced from the normal rate of 13.8% to 0% up to the Upper Secondary Threshold.
- Employees’ Class 1 NIC stop when they reach their State Pension age . The employer’s contribution continues.
Pensions: Automatic Enrolment
Phasing in of contributions
Employer minimum contribution | Total minimum contribution | |
---|---|---|
Employer’s staging date to 5 April 2018 | 1% | 2% |
6 April 2018 to 5 April 2019 | 2% | 5% |
6 April 2019 onwards | 3% | 8% |
Where the employer does not make the total minimum contribution the employee is obliged to pay the balance.
2018/19 | |
---|---|
Automatic enrolment earnings trigger | £10,000 |
Qualifying earnings band – lower limit | £6,032 |
Qualifying earnings band – upper limit | £46,350 |
Pensions: Tax Relief on Contributions
- Tax relief available for personal contributions is the higher of £3,600 (gross) or 100% of relevant earnings.
- Any contributions in excess of £40,000, whether personal or by the employer, may be subject to income tax on the individual.
- The limit may be reduced to £4,000 once money purchase pensions are accessed.
- Where the £40,000 limit is not fully used it may be possible to carry the unused amount forward for three years.
- The annual allowance is tapered for those with adjusted income over £150,000. For every £2 of income over £150,000 an individual’s annual allowance will be reduced by £1, down to a minimum of £10,000.
- Employers will obtain tax relief on employer contributions if they are paid and made ‘wholly and exclusively’ for the purposes of the business. The tax relief for large contributions may be spread over several years.
Property Allowance
- A property allowance is available to individuals.
- The property allowance will not apply to partnership income or to income on which rent a room relief is given.
Income up to £1,000 | Property income assessable NIL |
Income over £1,000 | Election to deduct £1,000 rather than the actual expenses |
Self-Assessment: Key Dates
Stamp Duty & Stamp Duty Land Tax
- SDLT is payable on land and property transactions in England and Northern Ireland.
- Property transactions in Scotland are subject to Land and Buildings Transaction Tax.
- Property transactions in Wales are subject to Land Transaction Tax (LTT) from 1 April 2018. Prior to April 2018 SDLT applied in Wales.
Residential property
The rates apply to the portion of the total value which falls within each band.
Consideration (£) | Rate |
0 – 125,000 | 0% |
125,001 – 250,000 | 2% |
250,001 – 925,000 | 5% |
925,001 – 1,500,000 | 10% |
1,500,001 and above | 12% |
From April 2016 these rates may be increased by 3% where further residential properties, costing over £40,000, are acquired.
First time buyer relief
From 22 November 2017 first time buyers may be eligible for first time buyer relief on purchases of residential property up to £500,000. The rates apply to the portion of the total value which falls within each band.
Consideration (£) | Rate |
0 – 300,000 | 0% |
300,001 – 500,000 | 5% |
for purchases over 500,000 | normal rates apply |
Non-residential SDLT rates
Consideration (£) | Rate |
0 – 150,000 | 0% |
150,001 – 250,000 | 2% |
Over 250,000 | 5% |
State Pension
- The basic State Pension is a regular payment from the government that an individual may be entitled to when they reach State Pension age.
- The basic State Pension depends on the number of years an individual has paid National Insurance or has National Insurance credits, eg while unemployed or claiming certain benefits.
- To receive the basic State Pension an individual must have paid or been credited with National Insurance contributions (NIC).
- From 2016 the State Pension has been reformed into a new single-tier state pension. In order to benefit from the full amount the individual will need 35 years, rather than the previous 30 years of NIC or credits for the full amount, with pro-rating where 35 years is not achieved. You will usually need 10 qualifying years to get any new State Pension. The amount an individual receives can be higher or lower depending on their National Insurance record. It will only be higher if you have over a certain amount of Additional State Pension.
- Currently an individual may also be entitled to the Additional State Pension. How much an individual gets depends on the number of qualifying years of NIC, the amount of earnings and whether the individual has been contracted out of the scheme.
Weekly State Pension 2018/19 | |
---|---|
Basic – single person | £125.95 |
Basic – married couple | £201.45 |
New state pension | £164.35 |
Tax Reliefs for Individuals
Enterprise Investment Scheme (EIS)
The Enterprise Investment Scheme (EIS) provides tax relief for individuals prepared to invest in new and growing companies. Investors can obtain generous income tax and capital gains tax (CGT) breaks for their investment and companies can use the relief to attract additional investment to develop their business. Individuals are entitled to relief on investments in certain unquoted trading companies through EIS.
Maximum investment per annum | £1,000,000 |
Additional investment limit where investing in knowledge-intensive companies | £1,000,000 |
Income tax relief | 30% |
CGT treatment on disposal if held for 3 years | Exempt |
Capital gains from the disposal of other assets may be deferred by making an EIS investment.
Seed Enterprise Investment Scheme (SEIS)
The Enterprise Investment Scheme (EIS) provides tax relief for individuals prepared to invest in new and growing companies. Investors can obtain generous income tax and capital gains tax (CGT) breaks for their investment and companies can use the relief to attract additional investment to develop their business. A junior version of EIS known as the Seed Enterprise Investment Scheme (SEIS) has been introduced.
Maximum investment per annum | £100,000 |
Income tax relief | 50% |
CGT treatment on disposal if held for 3 years | Exempt |
An individual who makes a capital gain on another asset and uses the amount of the gain to make a SEIS investment will not pay tax on 50% of the gain (subject to certain conditions).
Social Investment Relief (SIR)
Social Investment Relief (SIR) is designed to encourage private individuals to invest in social enterprises including charities. Individuals are entitled to relief on their investment:
Maximum investment per annum | £1,000,000 |
Income tax relief | 30% |
CGT treatment on disposal if held for 3 years | Exempt |
Capital gains from the disposal of other assets may be deferred by making a SIR investment.
(All reliefs are subject to detailed conditions being met.)
Venture Capital Trusts (VCTs)
Venture Capital Trusts (VCTs) are designed to encourage private individuals to invest in smaller high-risk unquoted trading companies. VCTs operate by indirect investment through a mediated fund. In effect they are very like the investment trusts that are obtainable on the stock exchange, albeit in a high-risk environment. Individuals are entitled to relief on investments in VCTs.
Maximum investment per annum | £200,000 |
Income tax relief | 30% |
Dividend income | Exempt |
Capital gains treatment on disposal | Exempt |
Trade Allowance
- A Trade Allowance is available to individuals.
- There is an equivalent rule for certain miscellaneous income. This will apply to the extent that the £1,000 trading allowance is not used against trading income.
- The trade allowance is not available against partnership income.
Income up to £1,000 | Profits assessable NIL |
Income over £1,000 | Election to deduct £1,000 allowance rather than the actual expenses |
Van Benefit
- Van benefit is chargeable if the van is available for an employee’s private use.
- A fuel benefit may also be chargeable if an employee has the benefit of private fuel paid for in respect of a company van.
- The charges do not apply to vans if a ‘restricted private use condition’ is met throughout the year.
- A reduced benefit charge may apply to vans which cannot emit CO2 when driven.
Van benefits 2018/19 | |
---|---|
Van benefit | £3,350 |
Fuel benefit | £633 |
VAT
- Registered businesses charge VAT on their sales. This is known as output VAT and the sales are referred to as outputs.
- Similarly VAT is charged on most goods and services purchased by the business. This is known as input VAT.
- There are three rates: standard which applies to most goods and services, reduced rate for some goods and services such as home energy and zero rate goods and services, for example, most food and children’s clothes.
- Some supplies are exempt from VAT for example postage stamps, financial and insurance transactions.
- A business is required to register for VAT if the value of taxable supplies exceeds the annual registration limit.
- The government has frozen the VAT registration and deregistration limits for two years from 1 April 2018.
VAT – rates and limits 2018/19 | |
---|---|
Standard rate | 20% |
Reduced rate | 5% |
Annual Registration Limit – from 1.4.18 – 31.3.19 |
£85,000 |
Annual Deregistration Limit – from 1.4.18 – 31.3.19 |
£83,000 |
Disclaimer
This article is published for the information of clients. It provides only an overview of the regulations in force at the date of publication and no action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the material contained in this publication can be accepted by the authors or the firm.