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tax code change in april 2011
readytofly
Posts: 93 Forumite
in Cutting tax
What does this actually mean for us? I know it means an extra £1000 tax free money, but what difference will we notice in our net pay?
If there is already a thread on this, please feel free to point in right direction. I tried the search option but no luck
TIA
If there is already a thread on this, please feel free to point in right direction. I tried the search option but no luck
TIA
0
Comments
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readytofly wrote: »What does this actually mean for us? I know it means an extra £1000 tax free money, but what difference will we notice in our net pay?
It will mean that £1000 less money is subject to tax at 20% so £200 over the year less tax.
However this is only true if you are a basic rate taxpayer. If you are a higher rate taxpayer this amount is clawed back through the lowering of the higher rate tax threshold.0
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