Andrew Ducker (andrewducker) wrote,
Andrew Ducker
andrewducker

Something I largely approve of

750,000 more people are about to pay the higher rate of tax, because the limit has dropped from £37k to £35k*.

Meanwhile, 500,000 low-income people are about to stop paying tax altogether, with the bottom limit changed from £6.5k to £7.5k.

The IFS estimates that the richest 10% of people will lose 3% of their net income from April 6, compared with a 1% loss for the population as a whole.

Those with the highest incomes have already been hit by the new 50% tax rate for people earning more than £150,000 and the loss of the personal tax allowance for those on more than £100,000.


* That's not including the tax-free allowance, but it still drops more people into paying higher-rate tax.

This entry was originally posted at Dreamwidth - you can comment here or there, but I suspect that most comments will be here. Comments so far over there: comment count unavailable
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