2022 mini-budget discussion

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I'm trying to understand the new rules on income tax, I can't work out where the bandings now are:

Income tax​

  • Cut in basic rate of income tax to 19% from April 2023
  • Currently, people in England, Wales and Northern Ireland pay 20% on any annual earning between £12,571 to £50,270 (Rates in Scotland are different).
  • 45% higher rate of income tax abolished
  • One single higher rate of income tax of 40% from April next year
So:

£0 - £12,570 is tax free
£12,571 - £50,270 you pay 19% tax plus 13.25% NI

What happens next with the higher rate tax?

£50,271 upwards you pay 40% tax plus 3.25% NI?
 
ci_newman said:
I'm trying to understand the new rules on income tax, I can't work out where the bandings now are:

Income tax​

  • Cut in basic rate of income tax to 19% from April 2023
  • Currently, people in England, Wales and Northern Ireland pay 20% on any annual earning between £12,571 to £50,270 (Rates in Scotland are different).
  • 45% higher rate of income tax abolished
  • One single higher rate of income tax of 40% from April next year
So:

£0 - £12,570 is tax free
£12,571 - £50,270 you pay 19% tax plus 13.25% NI

What happens next with the higher rate tax?

£50,271 upwards you pay 40% tax plus 3.25% NI?
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Assuming they keep the bands the same and abolish the higher rate:

If you earned £50,270 you will pay £320 less Tax per year at 19% instead of 20%

If you earned £250,000 you will pay £5320 less Tax per year because of the abolition of the higher tax rate.

This doesn't take in to account NI changes.
 
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Jono8 said:
.....greedy exorbitantly rich **** are the reason we need to have such an expensive and vast benefit system in the first place.
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No, because no matter what you do, poor people will always exist. Through circumstance or poor personal decisions (which anecdotally is the main reason I've seen poverty in the UK)

I'm kinda done wringing my hands over the plight of the 'poor'. In this country, the standard of living for even the poorest would make the poor in India green with envy. Empathy won't put food on the table or pay your electric bills, and the benefits system is being scammed to high heaven by idiots who have been born perpetually lazy and stupid and take advantage of the soft wet liberal rags over at the dole office.
 
As a household, we've done quite well (mainly stamp duty) but this is ******* terrible. Shameful, scum.
 
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McBain said:
Bet all the people on 150K+ listening in will be pleased to hear about the additional tax rate cut, they can feed their families and heat their homes this winter now. Worry over.
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They are simply paying back their donors at this point, before they get kicked out in 2024. Borrowing money to pay for a tax cut to people on £150k+ is absolutely insane in this climate.
 
are they raising interest rates in order to give people less money to curb inflation, the next day the government cuts loads of taxes in order to give people more money in their pocket to what (help inflation?)
 
mid_gen said:
They are simply paying back their donors at this point, before they get kicked out in 2024. Borrowing money to pay for a tax cut to people on £150k+ is absolutely insane in this climate.
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Get kicked out in 2024? What's Labour going to campaign on now, tax increases and austerity.. lol
 
This countries been sold to the highest donor.... and no doubt it's a low bid

probably even dodgy Russian or Chinese money aimed at ruining our economy
 
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robgmun said:
No, because no matter what you do, poor people will always exist. Through circumstance or poor personal decisions (which anecdotally is the main reason I've seen poverty in the UK)

I'm kinda done wringing my hands over the plight of the 'poor'. In this country, the standard of living for even the poorest would make the poor in India green with envy. Empathy won't put food on the table or pay your electric bills, and the benefits system is being scammed to high heaven by idiots who have been born perpetually lazy and stupid and take advantage of the soft wet liberal rags over at the dole office.
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So you took the bait then? The poor are all poor because they are lazy and everyone on benefits is a scammer living the life of riley the solution to all of which is to make the rich richer and punish those pesky lazy poor people...... always convenient to have an 'other' to blame so we don't look to the failings of our government guess the 'poor' are the new 'EU Migrant'
 
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