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Thread: 10p tax band

  1. #1
    International Captain cover drive man's Avatar
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    10p tax band

    Can someone tell me what it means exactly. Everyone seems to be talking about it but noone seems to know what it is. Everyone seems to just say "It means poor people pay more" But what exactly is it?
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  2. #2
    International Coach HeathDavisSpeed's Avatar
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    For crying out loud. I know more about tax in your country and I live in the other side of the world!

    When I lived there, the following income tax structure existed:

    The first GBP4,665 of your annual income was tax free.
    The next GBPX (can't remember how much) was taxed at 10p in the pound.
    The next GBPY (can't remember how much) was taxed at 22p in the pound.
    Any earnings above that were taxed at 40p in the pound.

    Without knowing exactly what tax change they are suggesting, if they are getting rid of the 10p tax band, and extending the personal allowance (the tax free band) then you would pay less tax at 4,665 + X would be tax free, whilst if they combined the 10p and 22p bands into one then you would be taxed more.

    What I would imagine they are doing is that part of the 10p band will become tax free, whilst the other part will be taxed at 22p. Hence, if your annual earnings are currently in the higher end of the 10p tax band, you may be taxed more whilst if you are at the low end then you would be taxed less.

    However, if they are abandoned the 10p band and only extending the 22p band, then you will be taxed more.

    Work it out for yourself with a simple example. Try calculating what tax you would pay if your annual earnings were GBP20,000 and X=5000 and Y= a further 5,000

    Free Band = 4,665
    10p Band = 5,000 = 500 tax
    22p Band = 5,000 = 1,100 tax
    40p Band = remaning 5,335 = 2,134 tax

    Total Tax = 3,734

    Whilst if you combine the 10p and 22p bands:

    Free Band = 4,665
    22p Band = 10,000 = 2,200 tax
    40p Band = remaining 5,335 = 2,134 tax

    Total Tax = 4,334

    Paying 600 more tax in this example.
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    Englishman BoyBrumby's Avatar
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    Largely correct, except the 22p band has been reduced to 20p. It allowed Darling to sound as if he was making a tax cut, but it was obviously a fiddle as has now been belatedly discovered.

    I'm actually very slightly better off, but those on the lowest salaries are the hardest hit, which sort of seems like the very antithesis of what a Labour govt should do...
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  4. #4
    International Coach HeathDavisSpeed's Avatar
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    Quote Originally Posted by BoyBrumby View Post
    I'm actually very slightly better off, but those on the lowest salaries are the hardest hit, which sort of seems like the very antithesis of what a Labour govt should do...
    Well, the activities of Labour governments in the UK and NZ suggests that Socialism is pretty much dead. That said, our Labour government just effectively renationalised the Railways - which was surprising. I'm all for it, if they can do it properly. It needs to have a proper business model this time around, and actually generate long term surpluses.

    Our government just gave $9m of tax benefits to winning race horse owners whilst some of the lowest paid can't afford their weekly food bill. Very 'labour'. Bunch of ****ers.


  5. #5
    International Captain cover drive man's Avatar
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    Quote Originally Posted by HeathDavisSpeed View Post
    For crying out loud. I know more about tax in your country and I live in the other side of the world!

    When I lived there, the following income tax structure existed:

    The first GBP4,665 of your annual income was tax free.
    The next GBPX (can't remember how much) was taxed at 10p in the pound.
    The next GBPY (can't remember how much) was taxed at 22p in the pound.
    Any earnings above that were taxed at 40p in the pound.

    Without knowing exactly what tax change they are suggesting, if they are getting rid of the 10p tax band, and extending the personal allowance (the tax free band) then you would pay less tax at 4,665 + X would be tax free, whilst if they combined the 10p and 22p bands into one then you would be taxed more.

    What I would imagine they are doing is that part of the 10p band will become tax free, whilst the other part will be taxed at 22p. Hence, if your annual earnings are currently in the higher end of the 10p tax band, you may be taxed more whilst if you are at the low end then you would be taxed less.

    However, if they are abandoned the 10p band and only extending the 22p band, then you will be taxed more.

    Work it out for yourself with a simple example. Try calculating what tax you would pay if your annual earnings were GBP20,000 and X=5000 and Y= a further 5,000

    Free Band = 4,665
    10p Band = 5,000 = 500 tax
    22p Band = 5,000 = 1,100 tax
    40p Band = remaning 5,335 = 2,134 tax

    Total Tax = 3,734

    Whilst if you combine the 10p and 22p bands:

    Free Band = 4,665
    22p Band = 10,000 = 2,200 tax
    40p Band = remaining 5,335 = 2,134 tax

    Total Tax = 4,334

    Paying 600 more tax in this example.
    Quote Originally Posted by BoyBrumby View Post
    Largely correct, except the 22p band has been reduced to 20p. It allowed Darling to sound as if he was making a tax cut, but it was obviously a fiddle as has now been belatedly discovered.

    I'm actually very slightly better off, but those on the lowest salaries are the hardest hit, which sort of seems like the very antithesis of what a Labour govt should do...
    Quote Originally Posted by HeathDavisSpeed View Post
    Well, the activities of Labour governments in the UK and NZ suggests that Socialism is pretty much dead. That said, our Labour government just effectively renationalised the Railways - which was surprising. I'm all for it, if they can do it properly. It needs to have a proper business model this time around, and actually generate long term surpluses.

    Our government just gave $9m of tax benefits to winning race horse owners whilst some of the lowest paid can't afford their weekly food bill. Very 'labour'. Bunch of ****ers.
    Thanks btw the no tax allowance is now 6035.

  6. #6
    cpr
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    yeah made a big jump in the tax exemption (which i argued in the british politics thread, is a load of crap when you look at the bigger picture).


    Know my mums gonna be hit pretty bad by this, especially as she'll be living on her own come August (well, even now, i dont exactly bring in a massive income to help her)

    As for me, not being full time ATM, it doesnt really matter, might all change if i get this job on tuesday, at the tax office of all places......
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    International Captain cover drive man's Avatar
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    Quote Originally Posted by cpr View Post
    yeah made a big jump in the tax exemption (which i argued in the british politics thread, is a load of crap when you look at the bigger picture).


    Know my mums gonna be hit pretty bad by this, especially as she'll be living on her own come August (well, even now, i dont exactly bring in a massive income to help her)

    As for me, not being full time ATM, it doesnt really matter, might all change if i get this job on tuesday, at the tax office of all places......
    Good luck

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    cpr
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    Cheers, really need the job tbh, skint and need to get my own place pretty soon. Police arnt recruiting till October apparently, gives me 5 months to get fully fit (failing that i'll apply for MoD police, would do it now but means relocating down south, and i dont have the money as yet)

  9. #9
    International Captain cover drive man's Avatar
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    Quote Originally Posted by cpr View Post
    Cheers, really need the job tbh, skint and need to get my own place pretty soon. Police arnt recruiting till October apparently, gives me 5 months to get fully fit (failing that i'll apply for MoD police, would do it now but means relocating down south, and i dont have the money as yet)
    Well I've got a couple of hundred quid if you want some sort of loan.

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    Cricket Web: All-Time Legend Matteh's Avatar
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    I'd like some sort of loan. Preferably one where i end up not paying the money back will be just fine, thanks.
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    International 12th Man Shaggy Alfresco's Avatar
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    Quote Originally Posted by Matteh View Post
    I'd like some sort of loan. Preferably one where i end up not paying the money back will be just fine, thanks.
    I think that's called a bank robbery?

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    cpr
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    Thought it was called MP's expenses tbh.


    Would kinda need a few grand to relocate down south. Realistically you need 1 months rent for deposit, 1 month rent upfront, then at least 1 month rent contingency untill you get paid, plus money for bills, food etc. Hence why i'm not considering that untill next year, if I dont get into Greater Manchester Police (plus you need to leave 6 months between applications). I mean, got a few hundred quid in the bank now, plus other stuff etc, but thats about to get blown on DVD's, clothes and probably mostly on petrol.

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    Eternal Optimist / Cricket Web Staff Member GIMH's Avatar
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    Quote Originally Posted by BoyBrumby View Post
    Largely correct, except the 22p band has been reduced to 20p. It allowed Darling to sound as if he was making a tax cut, but it was obviously a fiddle as has now been belatedly discovered.

    I'm actually very slightly better off, but those on the lowest salaries are the hardest hit, which sort of seems like the very antithesis of what a Labour govt should do...
    Yeah, on my wages alone I am better off but not quite sure how it will effect us overall yet as the missus is part-time.

    This is an abysmal government though, I can't really think of any people I know who are benefitting from this bunch of idiots being in power at the minute.
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    International Coach HeathDavisSpeed's Avatar
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    Quote Originally Posted by GeraintIsMyHero View Post
    I can't really think of any people I know who are benefitting from this bunch of idiots being in power at the minute.
    Satirists?

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    International Vice-Captain andruid's Avatar
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    Quote Originally Posted by BoyBrumby View Post
    I'm actually very slightly better off, but those on the lowest salaries are the hardest hit, which sort of seems like the very antithesis of what a Labour govt should do...
    True but when is the last time Labour did something ' a typical Labour govt would'
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