London Tax Rates
Omg...I just did a search for the income tax rates in London and came up with this:
In the 2005/6 tax year (for income earned between April 6th 2005 and April 5th 2006), the income tax bands were as follows:
0% on the first £4,895 (your personal allowance, equivalent to about £94 per week, or £408 per month)
(you may not be entitled to the full allowance if you have not been resident in the UK during the whole tax year)
10% (the lower rate) on the next £2,090 equivalent to about £40 per week, or £174 per month)
22% (the basic rate) on the next £30,310 (equivalent to about £583 per week, or £2,526 per month)
40% (the higher rate) on any income above this
Can someone please tell me that this isn't true. 40% at any income above £30,310 is seriously a lot! And I thought Australia was bad!
posted by Jushie @ 11:41 pm
6Bitchings:
I am not an expert in these things but whoa, 40% is a lot!
Absolutely! Australia is a whopping 48.5% as the top marginal tax rate.
And then you have to add 11½% National Insurance in the UK on top of the 40% Income Tax ... and 17½% sales tax, plus Capital Gains Tax (22%/40%), Capital Transfer Tax (40%) ...
Makes me glad I live in Jersey!
Khaldan
Oh, but some of the taxes are consumption taxes. So as long as I don't enter into any transactions that will attract CGT or CTT that'll be fine. But wtf...17.5% sales tax?? That's daylight robbery!!!
i know...
but i guess in australia its better than it used to be yeah? with the top marginal rate kicking in at over $95k a year? used to be much lower yeah?
Andy: Yeah...but the tax savings I get from the recent tax reform is minimal it's laughable. I spend more a week at Peel than the tax savings I get. Oh well...better than nothing. But then again, your institute is a good employer. :)
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