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Budget Help

nlambert Avatar
6y, 10m agoPosted 6 years, 10 months ago
Can someone clarify something for me.
In the budget it says the income tax allowance will be frozen.
But the figures say 40% tax threshold is £43875!!!! But I am sure it is £37401....Am i missing something
nlambert Avatar
6y, 10m agoPosted 6 years, 10 months ago
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#1
I'm sure the threshold they state is correct, my husband always says it's just under £45K so sounds about right. If only we were that lucky!!
#2
Income tax: taxable bands and rates 2009/2010
Taxable income rate of tax
0 - £2,440 (savings only) 10 per cent (starting rate for savings)
0 - £37,400 20 per cent (basic rate)
Over £37,400 40 per cent (higher rate)
#3
exactly what I thought....so why is this what I am reading in the news???
The threshold at which people start paying tax at 40pc will stay at £43,875 in April – an additional 70,000 people will become higher-rate taxpayers as wages rise.
1 Like #4
you are actually allowed to earn upto £43875 before you pay tax at 40%.
you get your personal tax allowance of £6475 which you dont have to pay any tax on, then you get a further rate of 20% on the next £37400 before you go into the 40% band.
#5
andytr
you are actually allowed to earn upto £43875 before you pay tax at 40%.
you get your personal tax allowance of £6475 which you dont have to pay any tax on, then you get a further rate of 20% on the next £37400 before you go into the 40% band.


Thank you....that explains it....but it is very unclear on the .gov web site......tossers!!!:x
#6
The Fox

Taxable income rate of tax

They assume you are on the basic personal allowance of £6,475 which is for most people under 65 years of age.

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