1st Labour Tory blow up

carmanmemoranda said:
They don't. Higher rates of tax don't apply to total earnings. Just the bit that's above the cutoff point.

A very misleading statement by you.
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Who said they did?

Anything above 125k and you also don’t get a personal allowance either. As I said I’m paying 44% tax and NI it’s not misleading it’s a fact.
 
festive said:
What an idiotic lemming mindset to ask.

So.. said person works their nuts/t1ts off and saves 100k savings. They've already paid tax on that right.
Then they chance it on crypto or some other investment..hey presto CGT hand comes out. How about no fkc off I've already paid my tax on that money.
It's a suckers game.
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He’s trying to find a rather obscure situation which can be common in certain industries where bonuses are paid as capital. Some do take the pee. Paying themselves modest salaries with most of the income paid in stock units. Of course these people do not earn this money if they do not perform and it’s common to put your own money in to benefit.
 
Income from employment, savings and dividends etc. the latter are taxed at 45%, income from employment is subject to NI.
 
festive said:
No.
How i see it is this. The Government dont trust your average citizen has the brains and intelligence to save, spend money in the correct way. A deep mistrust, therefore the decision is as much as possible is taken from us at source via taxes, then for the Government to decide on how it is spent. Which in turn has left us with fck all. Not even an NHS dental checkup now, forcing us to go private anyway.

As opposed to the government giving us some greater margin to keep that money in our pocket, perhaps invest on private education, healthcare or invest in property, work harder and pay other people around you to do the jobs you dont have time to do. Paying locals more to improve your lifestyle, this money is reinvested locally into your local community. Not spaffed up a wall by an irresponsible party with zero accountability, influenced by business partners who are giving back handers to favour business advantage. This wont ever change it wont change now with Labour either, they're already starting by taking away handouts for the elderly in winter fuel payments. That wouldn't work they can't control us. No better to keep us on the bones of our ass sknt, and when we just see light lets add housing tax as well upping interest rates. No that doesn't benefit many as we are a country of debt not savings( see taxation).
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A much simpler way would be less of a divide between the low earning workers and the rich.

In other words, standard of living.

The answer is not an increase in minimum wage if prices go up too. But to be able to live (not just exist) on a working wage.
 
All of it. Income tax and NI comes to 44%.

No personal allowance. A tiny bit at the base rate, a bit more at 40 % and the majority at 45% plus NI

Savings and dividends also get taxed at the higher / additional rate.
 
Income Tax rates and bands
BandTaxable incomeTax rate
Personal AllowanceUp to £12,5700%
Basic rate£12,571 to £50,27020%
Higher rate£50,271 to £125,14040%
Additional rateover £125,14045
 
I just told you. Yes. I get tax and NI at source for my main income. That is not to say all my income.
 
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