Income tax
Mar 17th 2004, 8:23 am
#31
Lost in BE Cyberspace
Joined: Nov 2003
Location: Scotland
Posts: 7,949
Originally posted by ABCDiamond
OzTennis, You must be having a lot of fun in your life.
There is a saying "Time flies when you are having fun"
GST came in on 1st July 2000.
Its been here almost 4 years now.
GST at 10% replaced Sales Tax at rates of up to 32%. Electronics, PC's etc, were one example that got the 32% Sales Tax rate. They also dropped the income tax rate at the same time.
I also remember when VAT was introduced in the UK, they dropped the rate of income tax quiet a lot, down to 25% I think, but that was near the days when the top rate of UK tax was 90+%
OzTennis, You must be having a lot of fun in your life.
There is a saying "Time flies when you are having fun"
GST came in on 1st July 2000.
Its been here almost 4 years now. GST at 10% replaced Sales Tax at rates of up to 32%. Electronics, PC's etc, were one example that got the 32% Sales Tax rate. They also dropped the income tax rate at the same time.
I also remember when VAT was introduced in the UK, they dropped the rate of income tax quiet a lot, down to 25% I think, but that was near the days when the top rate of UK tax was 90+%
2000 it was and yet I can still remember that song we had of decimalisation on February 1st 1966! :scared: :scared: Yep, gone are the Beatles days of Taxman - 99 for you and one for me or something like that. They even have a headline starting rate of income tax of 10% in the UK for the first £1,960 of taxable income and the top rate is 40% for taxable income over £30,500. Many people pay the 22% rate which applies between £1,960 and £30,500 of taxable income. The UK government has been very cunning in lowering rates of income tax, not increasing personal allowances and tax bands in line with inflation and massively increasing the stealth indirect taxes. It's budget day today (now 2 budgets p.a. to soften the blows) so we'll see what happens. Indirect taxes will bear the brunt methinks.
OzTennis
Mar 17th 2004, 8:27 am
#32
Joined: Aug 2003
Posts: 11,149
The thresholds here never seem to go up. It is an effective income tax rise every year due to inflation.
Mar 17th 2004, 8:38 am
#33
Lost in BE Cyberspace
Joined: Nov 2003
Location: Scotland
Posts: 7,949
Originally posted by OzTennis
2000 it was and yet I can still remember that song we had of decimalisation on February 1st 1966! :scared: :scared:
Yep, gone are the Beatles days of Taxman - 99 for you and one for me or something like that. They even have a headline starting rate of income tax of 10% in the UK for the first £1,960 of taxable income and the top rate is 40% for taxable income over £30,500. Many people pay the 22% rate which applies between £1,960 and £30,500 of taxable income. The UK government has been very cunning in lowering rates of income tax, not increasing personal allowances and tax bands in line with inflation and massively increasing the stealth indirect taxes. It's budget day today (now 2 budgets p.a. to soften the blows) so we'll see what happens. Indirect taxes will bear the brunt methinks.
OzTennis
2000 it was and yet I can still remember that song we had of decimalisation on February 1st 1966! :scared: :scared: Yep, gone are the Beatles days of Taxman - 99 for you and one for me or something like that. They even have a headline starting rate of income tax of 10% in the UK for the first £1,960 of taxable income and the top rate is 40% for taxable income over £30,500. Many people pay the 22% rate which applies between £1,960 and £30,500 of taxable income. The UK government has been very cunning in lowering rates of income tax, not increasing personal allowances and tax bands in line with inflation and massively increasing the stealth indirect taxes. It's budget day today (now 2 budgets p.a. to soften the blows) so we'll see what happens. Indirect taxes will bear the brunt methinks.
OzTennis
And you are right BP, not raising thresholds or not raising them with inflation is another form of taxation by stealth. Another one which fools most people is like yesterday when it was announced on the news that the UK rate of inflation had fallen by 0.1%. A lot of people think prices have actually fallen when they hear that!
OzTennis
