relaxtwotribes wrote: »
When base rate rises and your mortgage rate goes up, too, you will have less disposable income, but all those depositors will get more interest on their savings and have more disposable income. So, by your bizarre reckoning that will force prices back down.
MSE News: Budget 2011: Income tax to fall next year but rise in future
Chancellor George Osborne said today that he will cut income tax in a year by increasing the personal allowance but he will implement an effective tax hike from then on.
But the good news is tempered by the announcement that from April 2012, many income tax thresholds will rise every year in line with the Consumer Prices Index inflation measure which tends to be lower than the current Retail Price Index measure that is used for rises.
The upshot is that allowances will rise more slowly which is an effective tax rise as less of your income will be tax-free or in a lower band.
ManAtHome wrote: »
The £1000 increase is next year, £630 the year after (taxidermally speaking)...
inaminute23 wrote: »
the £100 increase is this year, APRIL 2011. The standard tax code will be 747
New MSE poll findings
Get £100s or £1,000s back for being mis-sold
Selected items, via code