Wftc increase from 16 hours to 24 hours

[truman 10]

From next year people earning £35,000 or more will be in the highest tax bracket. They tried to sneak that through too.

 

That's wrong Mecky..It's 35k of taxable income..ie once your allowances have been used... so it's more like 45k...

[ricgem2002 11]

I couldn't care less about tax credits because I don't claim them. I have too much pride to claim from the state. The increase in the tax threshold will make me better off. If people work part time they should accept a part time wage if they want a full time wage they should work full time. It is not fair to expect full time workers to subsidise part timers wages.

thats the trouble with this country its all about the me me me attitude. the condems are doing it with looking after the well off, and turning the people against each other .years ago the older generation had pride and worked when they could and saved for a pension. years down the line and succesive gov have let them down doing them out of their said pensions. all the while getting richer and richer. too much pride dont make me laugh thats what the gov want you to believe:loopy:

[Ms Macbeth 75]

That's wrong Mecky..It's 35k of taxable income..ie once your allowances have been used... so it's more like 45k...

 

And it's the 40% bracket, there is a higher one (now 45%) for those with taxable income over £150k.

[Ms Macbeth 75]

thats the trouble with this country its all about the me me me attitude. the condems are doing it with looking after the well off, and turning the people against each other .years ago the older generation had pride and worked when they could and saved for a pension. years down the line and succesive gov have let them down doing them out of their said pensions. all the while getting richer and richer. too much pride dont make me laugh thats what the gov want you to believe:loopy:

 

The introduction of Pension Credit was a smack in the face for the people who'd been in ordinary jobs but had made sacrifices to have a bit more money in retirement. However, PC wasn't introduced by the current government, but has been in place for quite few years now.

 

If the basic state pension had been increased for everyone their efforts would have been rewarded. But, as PC is a means tested benefit, many of the less well off pensioners who did save are probably regretting it. If they hadn't bothered, their pensions would now be enhanced, and they'd qualify for cold weather payments and other passported benefits.

[truman 10]

And it's the 40% bracket, there is a higher one (now 45%) for those with taxable income over £150k.

 

Yep you're right...the 150k is so far above my income I tend to forget about it..

[Cyclone 10]

That's wrong Mecky..It's 35k of taxable income..ie once your allowances have been used... so it's more like 45k...

 

the income tax allowance for those aged under 65 will increase by £630 in cash terms to £8,105 in 2012-13. There will be a corresponding £630 cash decrease in the basic rate limit, taking it to £34,370. The higher rate threshold, which equals the sum of the personal allowance and the basic rate limit, will therefore remain unchanged in 2012-13 at £42,475

 

For 2013-14 the personal allowance for those aged under 65 will be set at £9,205 and the basic rate limit at £32,245. The Class 1 Upper Earnings Limit and the Class 4 Upper Profits Limit for National Insurance contributions will be aligned with the point at which the higher rate tax becomes payable (£41,450).

 

The threshold goes down in the 13/14 tax year by about 1k. It's not as high as 45k though even now.

[truman 10]

The threshold goes down in the 13/14 tax year by about 1k. It's not as high as 45k though even now.

 

Fair enough..it's still quite a bit more than 35k though..

[Cyclone 10]

Yep, 35k is the width of the band (actually it's the width of 20% bracket), but not the limit, as you said you need to add the allowance to it to find the lower/upper limits.