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Government Debt Interest Repayments
Comments
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Still think the 50p rate is crazy and will backfire. Many of the most well off will surely move a lot of their taxable income to countries with more reasonable taxation giving the distinct possibility that receipts will actually go down long term rather than up.0
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Still think the 50p rate is crazy and will backfire. Many of the most well off will surely move a lot of their taxable income to countries with more reasonable taxation giving the distinct possibility that receipts will actually go down long term rather than up.
It seems pretty obvious that the higher the tax level, the more worthwhile it is to evade and avoid taxes.0 -
Still think the 50p rate is crazy and will backfire. Many of the most well off will surely move a lot of their taxable income to countries with more reasonable taxation giving the distinct possibility that receipts will actually go down long term rather than up.
Are you posting the same response on every thread?0 -
Yep, the more you tax the more lengths people will go to avoid it, and these are the people who bring in a huge amount of tax income each year.
Taking half of what people earn just in income tax is crazy.
The only way to guarantee a higher income tax receipt would be to raise taxes on people without the means to move themselves/their income elsewhere.0 -
Yep, the more you tax the more lengths people will go to avoid it, and these are the people who bring in a huge amount of tax income each year.
Taking half of what people earn just in income tax is crazy.
The only way to guarantee a higher income tax receipt would be to raise taxes on people without the means to move themselves/their income elsewhere.
lets take a successful young grauate that earns say 50k
their marginal deduction rate will be
40% tax
1% NI
9% student loan
total marginal deductions of 49% (of course in practice they will probably be contributing to pensions but I'll leave that out)
but no-one seems to think this drives each and every successful young graduate to abandon UK or to develop massive tax avoidance schemes, but we do assume that some-one who earns 150k paying marginal deduction rates just a little higher will be outraged.0 -
lets take a successful young grauate that earns say 50k
their marginal deduction rate will be
40% tax
1% NI
9% student loan
total marginal deductions of 49% (of course in practice they will probably be contributing to pensions but I'll leave that out)
but no-one seems to think this drives each and every successful young graduate to abandon UK or to develop massive tax avoidance schemes, but we do assume that some-one who earns 150k paying marginal deduction rates just a little higher will be outraged.
1% NI. Isn't it 10%?0 -
It's only 9% of anything over a certain figure for student loan, I think it's 12 or 16k.
And isn't the tax band banded? So it'll only 40% of earnings after the 50k band.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
I never knew. Thanks for that.
I was wrong, it's 15k
http://www.hmrc.gov.uk/employers/student_loans.htm#6
Close though
This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
15k starting point for student loans, they also take a big chunk out of any bonuses. NI is far, far higher than 1% unfortunately.0
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