Subpage under development, new version coming soon!
Subject: The budget report
- 1
Culture19 [del] to
All
Does anybody know anything about what this is or means?
10p starter rate abolished
Why is it so bad for low income earners?
I'm been trying to get info on it but can't seem to find anything.
10p starter rate abolished
Why is it so bad for low income earners?
I'm been trying to get info on it but can't seem to find anything.
Ok, no prob.
Lower starter rate of 10p to go, meaning all those who pay income tax will start at 20p in the pound - meaning little difference likely to take-home pay.
Lower starter rate of 10p to go, meaning all those who pay income tax will start at 20p in the pound - meaning little difference likely to take-home pay.
*brags about low taxes once more*
Sorry, man. I couldn't give even one hoot.
Sorry, man. I couldn't give even one hoot.
The starting income tax rate used to be 10%, then 22% then 40%.
So you used to get taxed 10% on the first (not sure what the limit actually was) say £5,000 you earned per year. So £500 tax
Then 22% up to £40,000. Then 40% on anything earned above £40,000.
Now there is no 10% bracket. But the middle bracket which is now the first bracket is 20%. So you'll pay 20% on earnings up to £40,000. Then 40% above that as before.
Bottom line is:
£17,000 or less you are worse off. But you can claim tax credits back (they won't tell you)
As per, its the low earners that get a kick in chuggs. But the government looks like there smelling of roses cuz they cut tax from 22% to 20%. small text - theres no 10% bracket anymore by the way. But don't think about that cuz you might then realise that your actually worse off...
By the way this is a non political message cuz I dislike all governments and believe Chaos should rule.
(edited)
So you used to get taxed 10% on the first (not sure what the limit actually was) say £5,000 you earned per year. So £500 tax
Then 22% up to £40,000. Then 40% on anything earned above £40,000.
Now there is no 10% bracket. But the middle bracket which is now the first bracket is 20%. So you'll pay 20% on earnings up to £40,000. Then 40% above that as before.
Bottom line is:
£17,000 or less you are worse off. But you can claim tax credits back (they won't tell you)
As per, its the low earners that get a kick in chuggs. But the government looks like there smelling of roses cuz they cut tax from 22% to 20%. small text - theres no 10% bracket anymore by the way. But don't think about that cuz you might then realise that your actually worse off...
By the way this is a non political message cuz I dislike all governments and believe Chaos should rule.
(edited)
Nah, just checked and there's still a ten percent rate up to £8,850 and then anything above that is 18%.
Oh, you don't live on the Isle of Man? Oh, that is a shame.
Oh, you don't live on the Isle of Man? Oh, that is a shame.
Isle of Man is probably the closest to Chaos rule, maybe I should move there!
Turns out it's 10,500 for the top end of the 10% bracket, actually. No wonder I'm reluctant to move to the UK.
Is this further proof that New Labour are metamorphosing into Old Conservative?
Or is Gordon Broon trying to create as much of a mess as he can for the following Tory government to inherit?
Meh. Politicians should be exempt from applying for the job on the grounds that they want to be politicians.
(Oh, and Culture19 - the HT-Scotland forums are dead because the heart was ripped out of the community by the UK GMs. As I'm sure you are aware. Nice attempt at livening it up though...:D))
Or is Gordon Broon trying to create as much of a mess as he can for the following Tory government to inherit?
Meh. Politicians should be exempt from applying for the job on the grounds that they want to be politicians.
(Oh, and Culture19 - the HT-Scotland forums are dead because the heart was ripped out of the community by the UK GMs. As I'm sure you are aware. Nice attempt at livening it up though...:D))
G.B can stick it up his arse where it belongs lol
- 1