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Gordon Brown's tax 'cut'

21 Mar 2007, 20:11

First we have Big Al spouting about 'phantom shares'. Now we've got a phantom tax cut :roll:

Whoo-hoo, I thought, when I heard someone say he's sliced 2p off income tax today.

Then I learned it doesn't take effect until next April :mad

Then I learned he's financed the cut by scrapping the 10p tax band (on the first £2150 of taxable income). We will actually be worse off after this 'cut' !!!

How so ?

Well, if you're a married postie on £311/week i.e. earning £16,172 pa, then at the moment your personal tax allowance (the bit they so graciously allow you to not pay any tax on) is £6065. You then get taxed at the 10p rate on the next £2150 of income, i.e. Gordon grabs £215 of those earnings. Then you pay the 22p rate on the remaining £7957, another £1750.54 for GB, for a total tax take of £1965.54

BUT, from April 2008 you'll pay the 20p rate on ALL of your taxable earnings, which are 16172 minus 6285 (the married persons allowance for 2007/2008). So that's 20% of 9887, which amounts to £1977.40

THAT'S ACTUALLY AN INCREASE OF £11.86 PER YEAR :no no
unless he or the next chancellor raises the personal tax allowance by some £593, in which case, we'll be no worse off :roll:
But there's little chance of that, as the threshold is only rising by £220 this April :shock:

And the CWU gives money to Labour :d'oh! :d'oh!

21 Mar 2007, 23:53

Just saw it on the news,interesting that the under £18,000 earners will mostly lose out of it,isn't that the majority of RM :roll:
He gave it with one hand and took it back with the other and then some.....

28 Mar 2007, 08:00

WTF? Why are we still supporting New Labour. :shock:

NEW LABOUR

28 Mar 2007, 12:51

You meant Knew Liebour didn't you :dance

28 Mar 2007, 13:25

The b***ard made sure that car tax was put up straight away, got my DVLA notice that my car tax was due at the end of march £93 for six months, went to pay it on monday, sorry sir the forms wrong its gone up to £99 because of the budget. f***ing greedy b***ards. :evil/mad

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