Personal tax allowances down to zero for those on 112K

[Steve996]

Maybe I was dozing but I didn't notice this one in the budget, apparently those who have done well enough in their chosen profession to warrant >112K now get rewarded with a guaranteed opportunity to contribute even more to society through getting.........absolutely no personal tax allowance.

http://www.hmrc.gov.uk/rates/it.htm

[GT03ROB]

Steve996 said:

Maybe I was dozing but I didn't notice this one in the budget, apparently those who have done well enough in their chosen profession to warrant >112K now get rewarded with a guaranteed opportunity to contribute even more to society through getting.........absolutely no personal tax allowance.

http://www.hmrc.gov.uk/rates/it.htm

You were dozing...Winky soaking the "rich" again...

[mrmr96]

It's sh t isn't it?
FWIW I don't earn that much, but I don't envy those that do, as for the most part, they've earned it.

[oyster]

Steve996 said:

Maybe I was dozing but I didn't notice this one in the budget, apparently those who have done well enough in their chosen profession to warrant >112K now get rewarded with a guaranteed opportunity to contribute even more to society through getting.........absolutely no personal tax allowance.

http://www.hmrc.gov.uk/rates/it.htm

And this is why we have Brown as PM. Because if people like you haven't noticed a huge tax hike, then how on earth are less intelligent people?

[NoelWatson]

Steve996 said:

Maybe I was dozing but I didn't notice this one in the budget, apparently those who have done well enough in their chosen profession to warrant >112K now get rewarded with a guaranteed opportunity to contribute even more to society through getting.........absolutely no personal tax allowance.

http://www.hmrc.gov.uk/rates/it.htm

The taper starts at 100k

[Steve996]

For the life of me I dunno how I missed it, I thought I'd run through all of the tax changes but somehow missed this little gem, thieving b'stards

[Slaav]

When you actually look at it and work it through... it actually gets worse!

If the headline stated '60% Higher rate', he would probably be out on his arse....

The effective HRT at £100-112K is actually 60%! Bloody rip off if you ask me.

A small glitch in the system if you are not in that bracket - disgraceful if you are?

wker

[Mclovin]

i guess the pigs in the trough will keep their salary the same and increase expenses for all the nogood work they....

[Rude-boy]

Mclovin said:

i guess the pigs in the trough will keep their salary the same and increase expenses for all the no good work they....

No. Even they are not stupid enough to get caught doing that again after all the trouble they had this year

[Mclovin]

Rude-boy said:

Mclovin said:

i guess the pigs in the trough will keep their salary the same and increase expenses for all the no good work they....

No. Even they are not stupid enough to get caught doing that again after all the trouble they had this year

no your wrong, they just wont get caught again or flock to europe....

[Chris_w666]

So Labour still see anyone being ambitious as evil then, I am sure their highly paid Local Authority Directors and Chief Execs are not too pleased at getting no tax allowance.

Maybe this rule could be re-written to only be for those whose job title is celebrity.

[Slaav]

Chris_w666 said:

So Labour still see anyone being ambitious as evil then, I am sure their highly paid Local Authority Directors and Chief Execs are not too pleased at getting no tax allowance.

Maybe this rule could be re-written to only be for those whose job title is celebrity.

Or more likely - exclude anybody remotely working in the public sector?

Another option is just to have one rule for some and another for everyone else? ...... oh no - isnt that already the case?

[sjn2004]

Didn't spot this, what a rip off. Whats the deal with pension contributions exactly.

http://www.hmrc.gov.uk/budget2009/tax-relief-pen-c...

If you earn 149k you get tax relief at 40%, however if you earn 151k you get tax relief at 22% so effectively earn less net than the individual on 149k gross?

edit (found this)

"The UK government announced that from 6 April 2011, the availability of higher rate tax relief on pension contributions to U.K.-registered pension schemes will be restricted for those with income of £150,000 or more per annum. Relief will be tapered away so that for those with incomes of £180,000 p.a. or over, it will be restricted to the basic income tax rate (currently 20 percent). (There are no details available yet about how these changes will be implemented in practice – the government intends to consult in due course.)"

Edited by sjn2004 on Thursday 21st January 22:19

[anonymous-user]

Missed this as well... time to move back to the US I think

[Eric Mc]

There are now two areas where people or organisations now pay a HIGHER rate of tax in a mid tier earnings bracket than they do at the very highest brackets.

This is prettu disgraceful, in my view and in no way can be seen to be "fair" (a a favourite word of Gordo's).

[NoelWatson]

sjn2004 said:

Didn't spot this, what a rip off. Whats the deal with pension contributions exactly.

http://www.hmrc.gov.uk/budget2009/tax-relief-pen-c...

If you earn 149k you get tax relief at 40%, however if you earn 151k you get tax relief at 22% so effectively earn less net than the individual on 149k gross?

edit (found this)

"The UK government announced that from 6 April 2011, the availability of higher rate tax relief on pension contributions to U.K.-registered pension schemes will be restricted for those with income of £150,000 or more per annum. Relief will be tapered away so that for those with incomes of £180,000 p.a. or over, it will be restricted to the basic income tax rate (currently 20 percent). (There are no details available yet about how these changes will be implemented in practice – the government intends to consult in due course.)"

Edited by sjn2004 on Thursday 21st January 22:19

I thought it had come down to £130k?

http://www.moneymarketing.co.uk/pensions/pbr-pensi...

[Somewhatfoolish]

Rude-boy said:

Mclovin said:

i guess the pigs in the trough will keep their salary the same and increase expenses for all the no good work they....

No. Even they are not stupid enough to get caught doing that again after all the trouble they had this year

They genuinely don't care. The vast majority of them could be clinically diagnosed as sociopaths.

[Slaav]

NoelWatson said:

sjn2004 said:

Didn't spot this, what a rip off. Whats the deal with pension contributions exactly.

http://www.hmrc.gov.uk/budget2009/tax-relief-pen-c...

If you earn 149k you get tax relief at 40%, however if you earn 151k you get tax relief at 22% so effectively earn less net than the individual on 149k gross?

edit (found this)

"The UK government announced that from 6 April 2011, the availability of higher rate tax relief on pension contributions to U.K.-registered pension schemes will be restricted for those with income of £150,000 or more per annum. Relief will be tapered away so that for those with incomes of £180,000 p.a. or over, it will be restricted to the basic income tax rate (currently 20 percent). (There are no details available yet about how these changes will be implemented in practice – the government intends to consult in due course.)"

Edited by sjn2004 on Thursday 21st January 22:19

I thought it had come down to £130k?

http://www.moneymarketing.co.uk/pensions/pbr-pensi...

It has!

[chris watton]

And meanwhile;

"UK Falls Out of Economic Top Ten – IEA"

http://www.iea.org.uk/record.jsp?type=release&...

Yep, let's tax us more, that'll help..........

[Kermit power]

I saw this in the budget and got bloody furious about it.

Then, as the government planned, I forgot all about it because it didn't happen immediately.

Then I got my notification of a K tax code.

Now I am furious all over again.

bdy, bdy thieving bds!

To make matters even worse, if my wife and I earned our household income evenly between the two of us rather than me being the only wage earner, we'd already have been about £7k a year better off, and that's before this robs us of another couple of grand or more!

bdy, bdy bd!