According to my page a day calendar:

"On this day in 1798 Income Tax was introduced in Britain, as a tax of 10%, on all incomes over UKP 200"

What is the percent now?

In SA we pay between 17 and 40 percent, depending on your level of remuneration.

Cheers

Fred WB

Its anywhere between 0 and 40% over here I think. Though you have to pay national insurance once you earn more than £100ish/week, but no other taxes until its a little more.

i seem to be paying a little over 100%

I'm not sure if super tax still exists, where if you erned enough the rate could be as high as 90%.

quote:

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Originally posted by clbarclay
I'm not sure if super tax still exists, where if you erned enough the rate could be as high as 90%.

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quote:

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Originally posted by clbarclay
I'm not sure if super tax still exists, where if you erned enough the rate could be as high as 90%.

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whatever the 'real' rate it somehow always seems like more when ypu get paid and see how much has been skimmed off.

What real noodles me off is the number of times we are taxed e.g. VAT and fuel tax.

When you look at it that way we probably pay double the income tax rate.

And then ther's the TV lisence aas well....

Nick

you get taxed on your income, then taxed on what you spend it on, sometimes more than once depending on the item, then you get taxed whn you die on the same money..

Sorry to all those that know this, im just demonstrating how hard we get taxed, as mentioned before by Nick205 there is also VAT, fuel tax etc....

The income tax is varied, meaning those on a lower income only pay what they can afford, whilst higher earners get ripped of big time.

Lets say that you earn £48000 per annum
You have an allowance that isnt taxed of £4615, so you take that off your salary
The taxable income is £43385
The next band of tax is 10% (up to £1960), this is £196 in tax
Then the basic rate of 22% is apllied to the amount remaining, up to £30500, this is £6278.80 in tax for this band (22% of £30500-£1960)
The the highest tier for those earning over £30500 40% tax on what is remaining from £30500 up to your salary. In this example £5154.
The total amount paid in tax is £11628.80

Then on top of that there is national insurance
Up to £30940 you pay 8% national insurance, above that 1%, with an allowance of £4615.
So if you were to earn £48000:
£48000-£4615 = £43385
So you would get charged the full 8% of £30940, which is £2475.20
Then 1% of £48000-£30940 = £17060
1% of £17060 = £170.6
So total national insurance is £2645.80

Add this with the income tax, and before you know it the governments taken £14274.80 off you, leaving you to pay the other bills with £33725.20

Of course this is a very high salary, but this is demonstartiung all the levels of the tax.

Sorry for the long post...ill go and do something more useful now

Funny that......It took a South African to tell us how long they have been rolling us over.

Tim, you forgot the morgage and school fees, that might as well be deducted from the bottom line as well.


All the aditional taxes have there uses because if your skillful you can avoid most of them if you want to.



NHS, MOD, roads, public transport, politicians second houses. They all seem like a total joke at times, but apart from the second houses, you wouldn't want to live with out them. If you do want to live without them, then earn a little more and move to a tax haven like Monaco.

income tax and VAT are actually higher in some other EU countries.

40% of my wage is skimmed every month
by the state.
For this we have an excelent social security system (ask all the former east block immigrants legal AND illegal) and 5 governments
Oh I forgat to tell that my wage IS NOT,I repeat IS NOT,in the 60.000 Euro range

They've simplified the tax return form for next year to two lines.
How much did you earn last year?
Send it.

You've missed out Council Tax!

For our overseas listers, this is a local tax, demanded by the local administrators (i.e. councillors). Tends to vary depending on where you live, and how much the b**t**ds spend!!!

Here in Birmingham, council spending is :
(a) Never-ending, 'cos education takes one of the biggest bites, and
(b) Seemingly excessive, especially on bloody daft projects.
Clearly, I'm biassed, but then I PAY THE B***DY BILLS!!!!

Rant over - for now.

dont forget, than in the usa there is a further local tax at 7 - 9 % on average - altho this may be in lieu of council tax / rates.

so, you got to a restaurant, and have a 20 dollar meal. You are supposed to pay 15 - 20% service charge (not optional) and the state tax. So your 20 dollar meal ends up 26 or so dollars.


everythign you buy is NEVER ticket price, they add the 7% or so onto the purchase on top of the ticket price on checkout.

I remeber when we had taxes of 83% in the UK for top earners, and when vat was 8, 12.5 and 25%. Car parts and electricals were all 25% - this is mid 1970's.


atb

steve