would you still work if

You are still yet to explain the question, what is the alternative to paying it if it were announced, short of leaving the country?

People glorify benefits as if they are some kind of way to live it up for free, but the reality is that they are not amazingly generous in the scheme of running a non benefit lifestyle.
 
Jez said:
He is saying an extra 10% on top of the 20% basic rate, so a 40% tax payer would pay the extra ~£3750 due on the whole increased band.
Click to expand...


i know, but he is making out that 42% is crazy and a wild amount to be paying, my point is that there are plenty of people here who pay it already :]
 
Morba said:
i know, but he is making out that 42% is crazy and a wild amount to be paying, my point is that there are plenty of people here who pay it already :]
Click to expand...

The 50% band due in April '10 will come as a shock, then. Now that really is a fairly massive burden.
 
yeah, also coupled with people on £100k+ having a tapered down tax free earning (i think those on over 112k will not be able to earn the first £6400 tax free)
sure its something like that.
 
Morba said:
i know, but he is making out that 42% is crazy and a wild amount to be paying, my point is that there are plenty of people here who pay it already :]
Click to expand...
they are paying both 22% and 40%, it isnt 42% from the starting band.
they are paying 40+11= 51% mid band
22+11 = 33% lower band

what i was saying if the lower band went from 22% to 30% ie plus 11% ni would be 41% of a lower band in tax.
 
I fully intend to work in a country with a slightly nicer tax system that ours once I finish my masters. New Zealand seems to be the promised land.
 
Edward01 said:
I wouldn't work for 50% tax, So for example if I was ever in a position where I could earn over £150,000 I wouldn't bother. I'd just take the rest of the year off or something.
Click to expand...
Why wouldn't you work into the 50% tax band? The money you receive still keeps rising, just not as sharply. Going from £150k to £200k, you'd go from 37% total deductions to 40% total deductions, you still come out £25k up.
 
Last edited:
Mickey said:
Why wouldn't you work into the 50% tax band? The money you receive still keeps rising, just not as sharply. Going from £150k to £200k, you'd go from 37% total deductions to 40% total deductions, you still come out £25k up.
Click to expand...

loss of tax relief
 
Last edited:
mattheman said:
loss of tax relief
Click to expand...
Right, well seeing as I'd worked out the rough values using this years figures just applying the 50% rate I didn't bother, but OK.

Assuming the personal allowance adjustment came in this year too, you'd be losing 38.5% from £150k and 41.6% from £200k, compared to 36.8% and 40.3% without by my workings.
 
You must log in or register to reply here.
Back
Top Bottom