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22 Nov 20, 10:06 PM |
#11
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VIP Dibber
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I will take your word on that. I only worry about where the 40% kicks in!
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2005 onwards.. lots of times! Index of all my Trip and Pretrip reports..https://www.thedibb.co.uk/forums/sho...6#post15662196 |
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22 Nov 20, 10:07 PM |
#12
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VIP Dibber
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All the above if you live in England.
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22 Nov 20, 10:37 PM |
#13
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Imagineer
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Mitch xx |
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22 Nov 20, 10:55 PM |
#14
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Imagineer
Join Date: Mar 16
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22 Nov 20, 10:57 PM |
#15
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Dibbing with Tink
Join Date: Jan 19
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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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23 Nov 20, 01:18 PM |
#16
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Imagineer
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Unless, of course, you are in Scotland.
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Just Mo |
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23 Nov 20, 01:40 PM |
#17
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Imagineer
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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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23 Nov 20, 02:30 PM |
#18
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Very Serious Dibber
Join Date: Oct 16
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23 Nov 20, 03:35 PM |
#19
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Imagineer
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23 Nov 20, 04:30 PM |
#20
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Imagineer
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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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