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UK income tax allowance 09-10

 
 
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Spiderhousepr
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Joined: 04 Apr 2010
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PostPosted: Fri Apr 09, 2010 11:23 am    Post subject: UK income tax allowance 09-10 Reply with quote

Is there no longer a 10% bracket? I seem to remember there was a personal allowance (free) then a small part taxed at 10% & then 22%...

Can anyone tell me in simple terms how it works? I'm just looking over this years employment/self employment and trying to come up with a rough figure!

thanks
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trev
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Joined: 15 Oct 2002
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Location: NW England, UK
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PostPosted: Fri Apr 09, 2010 5:01 pm    Post subject: UK Tax codes 2009 - 2010 Reply with quote

There used to be a 10% bracket, but that got taken out from April 2008 and was in theory offset by the drop in the first bracket from 22% to 20% for the first 37,400 (minus the personal allowance).

Effectively the tax brackets are now (2009 - 2010):

* Starting rate for savings only 10% - 0 - 2,440
* Basic tax rate 20% - 0 - 37,400
* Higher Rate 40% - Over 37,400
* Increased Higher Rate 50% - Over 150,000 from April 2010

Generally there's also the tax bracket below which you don't pay any tax, ie: your personal allowance of 6,475 but that depends on exact circumstances. It'll be that if you've got a tax code 647L.

This site gives a breakdown of things.

Trev
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Spiderhousepr
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Posts: 71

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PostPosted: Sat Apr 10, 2010 8:07 pm    Post subject: Reply with quote

cheers Trev Smile
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