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Petition to have personal allowance re-instated for everyone
gadgetmind
Posts: 11,130 Forumite
in Cutting tax
We currently have a 62% tax band due to people losing their personal allowance, which is causing a lot of headaches regards retaining good people in the UK.
Please sign and pass on the link.
https://petition.parliament.uk/petitions/109941
Please sign and pass on the link.
https://petition.parliament.uk/petitions/109941
I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
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Comments
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This affects people on between £100,000 and £121,200.
The 62% marginal rate is made up of 40% income tax a reduction of the personal allowance of £1 for every £2 earned making additional tax of 20% and National Insurance of 2%.
We have much higher marginal rates on very low levels of income when tax credits and benefit reductions are taken into account so if a petition came up saying no marginal rate should exceed 62% then I'd sign that.:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0 -
Agree - Signed!0
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We have much higher marginal rates on very low levels of income when tax credits and benefit reductions are taken into account
Perhaps, but that's less free money being given, rather than more hard-earned money being taken away, which is substantially different.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
Yes lets get rid of these anomolies. Keep the tax allowance for everyone but remove the top limit for NI so that everyone pays 12% NI on their earnings. At present any income beyond £42K only has 2% NI deducted. Seems fair to me.0
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Fine, but let's do away with the 40% and 45% tax brackets at the same time.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
let's all live in a state of nirvana and pay for society with happy juice0
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gadgetmind wrote: »We currently have a 62% tax band due to people losing their personal allowance, which is causing a lot of headaches regards retaining good people in the UK.
So the message from me to them is quite clear.
Fcuk off, morons and don't come back.....ever.0 -
Yes, who needs those very intelligent and immensely productive people who make a positive contribution to the economy. Remove all of those who pay the vast majority of income tax and everything will be fine. Other than the huge deficit and UK industry shutting down. Minor details, I'm sure.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
Someone with £100K earnings is in the top 2% of the populatation. And that's not enough for them? Unless they are paid even more they will take their toys and play elsewhere?
There are plenty of intelligent and immensely productive people earning a lot less. And I dare say plenty of unintelligent and non productive people earning more.
People on £100K+ may pay a large % of total income tax but not a large % of NI, VAT, council tax etc. Income tax is only about 30% of total tax take.0 -
Can we also get rid of the Child Benefit claw back as well then please? My marginal rate with three children puts the 62% in the shade, being 67% this year. For those with more children, it's even higher.
Yes, the PA phaseout creates an anomaly, but also an opportunity: if you are in the 62% band then you would be a fool not to put money into a pension (assuming you are not already 'maxed out') to bring your taxable income below the £100K.'I want to die peacefully in my sleep, like my father. Not screaming and terrified like his passengers.' (Bob Monkhouse).
Sky? Believe in better.
Note: win, draw or lose (not 'loose' - opposite of tight!)0
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