Just found this on HMRC:
Income Tax allowances 2009-10 2010-11 2011-12
Personal Allowance (1) £6,475 £6,475 £7,475
Income Tax rates and taxable bands Rate 2009-10 2010-11 2011-12
Starting rate for savings: 10%* £0-£2,440 £0-£2,440 £0- £2,560
Basic rate: 20% £0-£37,400 £0-£37,400 £0- £35,000
Higher rate: 40% Over £37,400 £37,401-£150,000 £35,001-£150,000
Additional rate: 50% Not applicable Over £150,000 Over £150,000
HM Revenue & Customs: Income Tax allowances
So, in 11/12, the level at which you're taken into 40% territory is actually coming down by £1400 (despite inflation running at about 4%), in effect increasing the tax take on every higher bracket earner by at least £560 per year. (did I get my sums right?). Oh and don't forget the removal of child benefit too.
WE ARE ALL IN THIS TOGETHER
Income Tax allowances 2009-10 2010-11 2011-12
Personal Allowance (1) £6,475 £6,475 £7,475
Income Tax rates and taxable bands Rate 2009-10 2010-11 2011-12
Starting rate for savings: 10%* £0-£2,440 £0-£2,440 £0- £2,560
Basic rate: 20% £0-£37,400 £0-£37,400 £0- £35,000
Higher rate: 40% Over £37,400 £37,401-£150,000 £35,001-£150,000
Additional rate: 50% Not applicable Over £150,000 Over £150,000
HM Revenue & Customs: Income Tax allowances
So, in 11/12, the level at which you're taken into 40% territory is actually coming down by £1400 (despite inflation running at about 4%), in effect increasing the tax take on every higher bracket earner by at least £560 per year. (did I get my sums right?). Oh and don't forget the removal of child benefit too.
WE ARE ALL IN THIS TOGETHER
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