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TDYER63

New scottish tax bands

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20 hours ago, DoonTheSlope said:

What are we all going to spend our extra £25 a week on?

Im thinking of having a blowout on orgies with coke and Dudley Moores. If I've got anything left I'll have a pie supper on my way up the road

Depending on where you are in Leith, there is every chance your pie supper will be better looking than your Ronald de Boer. Although a bit more expensive

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56 minutes ago, Toepoke said:

Might have taken it a bit more seriously if she dropped the £150,000 examples.

The pension contributions is valid but I consider that a bigger issue with every party not thinking of all possible scenarios when devolving income tax.

Actually tax relief on pension contributions is a total joke. As a 40% tax payer I only get 20% tax relief and have to make an effort to get the extra 20%. Surely they should be able to give us the full 40% automatically. To me this is a much bigger issue than anything the Scottish government are doing and is fully in the hands of Westminister. Sure I read 250,000 people are missing out.

Edited by drew

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1 hour ago, drew said:

 

The pension contributions is valid but I consider that a bigger issue with every party not thinking of all possible scenarios when devolving income tax.

Actually tax relief on pension contributions is a total joke. As a 40% tax payer I only get 20% tax relief and have to make an effort to get the extra 20%. Surely they should be able to give us the full 40% automatically. To me this is a much bigger issue than anything the Scottish government are doing and is fully in the hands of Westminister. Sure I read 250,000 people are missing out.

Aye, it's a hard life, right enough.

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1 hour ago, drew said:

Actually tax relief on pension contributions is a total joke. As a 40% tax payer I only get 20% tax relief and have to make an effort to get the extra 20%. Surely they should be able to give us the full 40% automatically. To me this is a much bigger issue than anything the Scottish government are doing and is fully in the hands of Westminister. Sure I read 250,000 people are missing out.

Whit ? :wacko:

The effort you have to make is letting the tax office know either by phone or in writing your gross annual pension contributions and you get an extra allowance in your tax code.

That figure carries forward every year until you notify them of any increases or decreases to your contributions

 

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20 hours ago, Ally Bongo said:

Whit ? :wacko:

The effort you have to make is letting the tax office know either by phone or in writing your gross annual pension contributions and you get an extra allowance in your tax code.

That figure carries forward every year until you notify them of any increases or decreases to your contributions

 

OK so I've massively exaggerated the effort.

The point is according to reports I've read about 250,000 people currently don't apply for there extra allowance. This will be because they don't think it is worth the effort or more likely don't know they can get the extra allowance.

With the Scottish Government introducing a 21% band that number will increase as they will have to claim for 1%. I just don't understand how HMRC can't work this out themselves.

Edited by drew

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8 hours ago, drew said:

With the Scottish Government introducing a 21% band that number will increase as they will have to claim for 1%. I just don't understand how HMRC can't work this out themselves.

They can

The basic rate of tax is 20% which is the rate the majority of taxpayers in the UK pay their tax at

Therefore tax relief is given at source at the rate which most taxpayers pay - 20%

Its as simple as that

 

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On 14/12/2017 at 4:49 PM, drew said:

Something had to be done. I take a bit of a financial hit (need to calculate exact amount) but it will be worth it if the money is well spent on protecting and improving the public sector.

I'd love to see a proper overhaul of the tax bands by placing them at 0%, 10%, 20%, 30%, 40% and 50% but no party is going to consider that idea apart from the Greens.

Yes totally agree, multiple tax bands, maybe even in 5% steps.

There must be the demographic data of income levels and numbers of taxpayers at each level. So should be possible to devise a very progressive system.

Good first step done here but needs to be much more ambitious i think.

 

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