Quote:
Originally Posted by astra
If I understand correctly, he says that there is very high tax if you earn more than a certain figure.
For example:
If you eran 15K pa., the tax is 20%, so you pay 3K
If you earn 40K pa., the tax is 30%, so you pay 12K
If you earn 51K pa., the tax is 40%, so you pay 20K
If you earn 100K pa., the tax is 50%, so you pay 50K
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If you earn 15K, then the first £6,475 (currently) is tax - free. It's higher when you reach 65 at £9,490. The UK emergency budget increased this by £1000 for the year 2010-2011 - perhaps to reach the intended 10K eventually ?