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£27,000 tax free is correct
Wendy has done her sums correctly; a low-paid person or pensioner could receive up to £27,000 tax free in 2017/18 or £24,500 tax free in 2016/17, if they are clever enough to recieve exactly the right amounts of the different classes of income. Exceeding the thresholds for any class of income will result in tax payable (tax on ill-informed?).
Also each of those low-paid taxpayers could benefit from an additional £11,100 tax free if they manage to make capital gains of that exactly amount each year.
I agree it is no longer possible to calculate the tax payable using a pencil & paper - so it amounts to a tax on the digitally excluded.
Jokers in charge
Chaos in motion by the clueless. I have sleepless nights at the thought of this lot and their idiotlc anti business and meddling actions.
Probably the stupidest Budget in my lifetime
IF George Osborne:
1. Has had enough of being Chancellor, AND
2. Wanted to extend the UK's lead in being the longest tax code in the EU.
Then this Budget was a brilliancy. If his objectives were anything other than the above, it was the stupidest Budget I have seen since qualifying in 1991, and when you consider what a low bar Gordon Brown set that is some achievement.
Honestly, 100% daft home grown legislation like this is an argument in favour of staying in the EU. We lead the EU in red tape!
Look through tax
Hi Mr Mischief
We do indeed lead the world in tax complication. Can you believe the look through tax proposals? When they have mess up small businesses maybe then they will be happy. Out to tax them to the hilt. No need to let them reinvest . Tax tax tax and then tax and fine and tax and fine.
Brilliant! Is it worst tax administration in the world?
SRA explanation?
"There’s a £5,000 disregard for savings interest, provided you don’t have other income of more than £5,000. If you have, the disregard becomes £1,000 when you’re at lower rate"
In 2015/16 this is, surely, not "other income" but other non-Savings Income. Will it be changed in 2016/17 to be "other income", Wendy?
I'm no torch-bearer for HMRC - but ...
I'm tempted to say "who knows"? But yes, if you can work out what "non-savings income" means and how that's different from "other income" then you're right. Perhaps someone from HMRC would like to come onto the thread and explain it to us?
I'm no torch-bearer for HMRC - but I do think that HMRC names three terms - non-savings income, savings income and dividend income - and provide pretty unambiguous definitions at various points in their own documentation, e.g. in SAIM1090.
My impression is that many are making the understanding of Income Tax in 2016/17 far more difficult by starting with the allowances (often choosing their own bizarre terminology in place of HMRC's) and then trying to map them onto tax bands and order of taxation. It used to work in the past - but not now.
For 2016/17, try doing it the other way around.