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Old 22 Nov 20, 10:06 PM  
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#11
cornishfrogboy
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Originally Posted by Princess Alison View Post
Just for info: The Income between 100 and 123k is effectively taxed at 60% because you lose the personal allowance.

Earnings from 124k you're taxed at 40% until next band
I will take your word on that. I only worry about where the 40% kicks in!
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Old 22 Nov 20, 10:07 PM  
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#12
MinniMouse
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All the above if you live in England.
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Old 22 Nov 20, 10:37 PM  
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#13
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Originally Posted by ERICSMUM View Post
So the £12,500 (0%) and £37,500 (20%) are added together (=£50,000) and any earnings above £50,000 at 40% ?
Yes, technically 40% on anything between £50,001 and £150,000
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Old 22 Nov 20, 10:55 PM  
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Originally Posted by ERICSMUM View Post
Thanks. I didn’t realise the 40% tax rate kicked in on earnings over £37,500, I’ve always assumed it was over earnings somewhere in the £40,000 bracket.
As PP. It doesn't kick in until 50k
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Old 22 Nov 20, 10:57 PM  
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#15
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Luckily or not I don't need to worry about 40% rate or the 90% of the UK population after googling it. I was surprised by that stat.
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Old 23 Nov 20, 01:18 PM  
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#16
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Unless, of course, you are in Scotland.
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Old 23 Nov 20, 01:40 PM  
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#17
123
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Originally Posted by MinniMouse View Post
All the above if you live in England.
Wales technically could be different as well (at the moment it isn't).

In Wales the income tax rate required by the UK government is set lower for each bracket than for England

0-12.5K - 0% in both countries
12.5-50K - 20% England; 10% Wales
50K-150K - 40% England; 30% Wales
1550K+ - 45% England; 35% Wales

That doesn't mean that the Welsh residents get a huge tax cut, it just means the Welsh government can decide how much it takes

Basically they can swing +/-10% from the published rate.
So in the English 20% tax rate they could make it 10% or 30% or any number in between.

TO DATE WALES HAS STAYED IN LINE WITH THE UK RATES

Why do they do this?

Basically the reduced mandatory tax amount goes to the UK treasury. The bit above that (the amount the Welsh government has added) stays in Wales to be used by Wales

So if Wales wanted to give all it's residents free electricity (for instance) they could add 10% to the tax rate and stop electricity bills (a hypothetical option, whether 10% would be enough to cover it or whether they could supply it I don't know)

However if Wales wanted to give its residents a tax cut, it would have to reduce other expenditure to cover that as the UK government would not give them any extra cash to cover the money they had not tajen from taxpayers in Wales

Edited at 01:42 PM.
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Old 23 Nov 20, 02:30 PM  
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Originally Posted by Scotty View Post
Unless, of course, you are in Scotland.
Someone earning £50,000 in Scotland pays £1,542 more tax than their equivalent in England. That’s equivalent to an extra 3.1% on the rate of income tax!
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Old 23 Nov 20, 03:35 PM  
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#19
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Originally Posted by Perthite View Post
Someone earning £50,000 in Scotland pays £1,542 more tax than their equivalent in England. That’s equivalent to an extra 3.1% on the rate of income tax!
It's the price of devloution. If Scotland hadn't asked (and been granted) the right to devolved government they wouldn't be paying anymore than anyone else.

The moral of this story is - "be careful what you ask for, you might get it and not like it"
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Old 23 Nov 20, 04:30 PM  
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I'm always shocked by these two statistics:

The top 1% of earners in the UK now account for more than a third of income tax paid to the government, following changes over the past decade that have left almost half the population exempt from making payments.

In research underlining the dual nature of Britain’s income tax structure, the Institute for Fiscal Studies said above-inflation increases in the personal allowance to £12,500 a year meant 42% of adults paid no income tax.
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