Gordons 20% tax con.

penrhyn

I posted this on the Silver savers board but on reflection it may be better here.
After April if you earn less than £18500, and more than around £10,000 the removal of the 10% tax rate means you will pay more tax, nice!

http://news.bbc.co.uk/1/hi/programmes/working_lunch/7191628.stm

jem16

It's been discussed on here at length several times.

dunstonh

There are always winners and losers on tax changes.

Fulham_Mark

What about the "increase" of inheritance tax threshold to £600,000 for couples only?
I've read that this isn't actually an increase and it was quite legal for couples to offload close to this figure already. If you divorce or don't marry then you are stuck at £300,000 or whatever it is.

Don't blame the politicians, they are simply playing the media to their best advantage.

News is dominated by 24-hour, live, reporters on the ground coverage.
These "reporters" - not journalists - aren't very knowledgeable and just read out press releases in a converstational style without any proper analysis. The real news comes out at 11pm on Newsnight.

The "reporters" are on a very average London wage and chosen for their looks and ability to stand outside westminster for 8hrs on the go.

I'm sure both main parties use this as much as each other, the Liberals can say anything as they'll never get elected and have to justify it

Pennywise

A bit like the last Budget when GB told everyone that re-alligning the tax and NIC bands would be good for everyone - all the newcasters simply re-told the same good news story for hours until the professional commentators from the accountants etc started telling the real truth that people would pay more NIC - then suddenly all the channels were copying eachother saying it was bad news. The worse thing was that they weren't merely reporters, they had the leading media commentators and senior reporters falling for the Govt spin as well who should really have known better.

ALIBOBSY

I was watching the last budget and spotted this staright away, was shouting "but what about the 10% rate" at the numpties on tv. Mind you as a part time worker this had a direct effect on my wage so I may have been more inclined to notice it.
ali x

noh

jem16 wrote: »

It's been discussed on here at length several times.

Here's a link to the thread
http://forums.moneysavingexpert.com/showthread.html?t=758941

Nigel

penrhyn

Fare point but that make it worse rather than better.
However if you are retired then the info is correct as in that case you don't pay NI contributions.

exil

If you are over 65 you will benefit from the changes in over-65s tax allowances.

However - early retirees in the relevant income bracket will lose out, as will anyone working part time (under 30h) AND not having kids, in the income range affected.