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21 March 2007, 07:55 PM
#31
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21 March 2007, 08:47 PM
#32
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Pete,
According to FT.com
"The big money spinner for the Treasury is the abolition of the 10p starting rate of income tax from 2008-09, which will be levied on the first £2,230 of taxable income this April. On this band of income, taxpayers will now pay double, 20 pence in the pound, costing up to £230 a year for most taxpayers.
It is rather ironic that Gordon Brown is now abolishing the very tax rate he introduced against the advice of many civil servants in 1999.
Between £2,230 and £34,600, taxpayers will gain from the 2 pence in the pound basic rate cut, which will benefit individuals on a sliding scale from nothing for those with £2,230 taxable income to to £647 a year for those who pay higher rate income tax, with above £34,600 taxable income."
Sounds like a fair deal to me.
According to FT.com
"The big money spinner for the Treasury is the abolition of the 10p starting rate of income tax from 2008-09, which will be levied on the first £2,230 of taxable income this April. On this band of income, taxpayers will now pay double, 20 pence in the pound, costing up to £230 a year for most taxpayers.
It is rather ironic that Gordon Brown is now abolishing the very tax rate he introduced against the advice of many civil servants in 1999.
Between £2,230 and £34,600, taxpayers will gain from the 2 pence in the pound basic rate cut, which will benefit individuals on a sliding scale from nothing for those with £2,230 taxable income to to £647 a year for those who pay higher rate income tax, with above £34,600 taxable income."
Sounds like a fair deal to me.
I don't see how this can be the case.
As it stands, someone on £7,200 would pay 10p per pound on £2,230 = £230 peyr year in tax. (the other £4,900 is the tax free allowance). Under the new system, they will pay 20p per pound on that £2,230 = £460. I don't see how this can mean they pay the same amount in tax?
Even if it were the case that the lowest earners pay no extra in tax, the higher earner pays less - I do not consider this even remotely fair.
21 March 2007, 09:55 PM
#33
The point is that that owners of off roaders should pay for use on road and a separate supplenment for use off road seeing as they have the capability.
A fair point !
22 March 2007, 12:24 PM
#34
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I don't see how this can be the case.
As it stands, someone on £7,200 would pay 10p per pound on £2,230 = £230 peyr year in tax. (the other £4,900 is the tax free allowance). Under the new system, they will pay 20p per pound on that £2,230 = £460. I don't see how this can mean they pay the same amount in tax?
Even if it were the case that the lowest earners pay no extra in tax, the higher earner pays less - I do not consider this even remotely fair.
As it stands, someone on £7,200 would pay 10p per pound on £2,230 = £230 peyr year in tax. (the other £4,900 is the tax free allowance). Under the new system, they will pay 20p per pound on that £2,230 = £460. I don't see how this can mean they pay the same amount in tax?
Even if it were the case that the lowest earners pay no extra in tax, the higher earner pays less - I do not consider this even remotely fair.
Personal allowance has also gone up, which helps (albeit to a smaller degree)
Higher earners will pay more in NIC remember.
22 March 2007, 12:46 PM
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Well the analysts have been busy seeing what all this actually means, and came to the following conclusions.
-Anyone earning between about £17,000 and £40,000 a year will be better off
-Those earning less than about £17,000 will lose from the abolition of the 10p tax rate but they should more than claw it back from working tax credit
-Those on £43,000 will pay £20 a year more in tax
-Anyone earning between about £17,000 and £40,000 a year will be better off
-Those earning less than about £17,000 will lose from the abolition of the 10p tax rate but they should more than claw it back from working tax credit
-Those on £43,000 will pay £20 a year more in tax
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