The great income tax cut (and national insurance raise)?

RHYSDAD

Not sure if this is the correct forum for this topic so feel free to move if need be.
Mr Brown helpfully cut 2p of the basic rate (but abolished the 10p bracket(git) but i did hear that he'd also raised the national Insurance contributions too, which presumably would negate any cut in the income tax. Does someone know the correct facts and figures for this please as i'm trying to work out whether i'd be better or worse off. I earn in excess of £20k and have two children under two. Many Thanks, RD.

CLAPTON

personal allowance was raised from 5225 to 5435
then
up to 2230 was at 10% but now abolished except for interest
then
22% between 2230 and 32370 has been changed so
now 20% up to 36,000
then
40% unchanged

NI was charged between 100 and 670 per week at 11%
and then 1% over that

now NI is charged between 105 and 770 at 11% then then at 1%

you will probably be slightly better off

[Deleted User]

Hi,

here's the info, and a wee gadget to work it out for you,

Tax

NI

Wee gadget

RHYSDAD

Thanks for the replies, very useful.

noodledoodle47

Seems that us couples with no dependant children who earn between £7000-£18000 per year have been well and truly stuffed by the tax changes with effect 6th April. It seems that we are unable to claw any money back in any way and will be subsidising many others ?? nuff said about that at present.

unless anyone knows any differently of course....(hopeful!!!!!!!!)

emilyt

noodledoodle47 wrote: »

Seems that us couples with no dependant children who earn between £7000-£18000 per year have been well and truly stuffed by the tax changes with effect 6th April. It seems that we are unable to claw any money back in any way and will be subsidising many others ?? nuff said about that at present.

unless anyone knows any differently of course....(hopeful!!!!!!!!)

That is how i see it. :mad: If you earn over 18000 you will be better off and if you earn under 18000 you will be worse off. How can that be right. :eek: