To be annoyed at the new tax brackets?

[Justbrowsing2024]

Means myself and lots of people I know will need to pay 40% tax. The new thresholds being lowered means we will be worse off at a time when everything is going up. I know it's only on a proportion of salary but it's a proportion that was going towards the increase in mortgage (due to come off an amazing low rate), imminent increase in childcare fees, council tax and everything else.
I know it's affecting so many people but today I have felt really flat.

I'm not anywhere near the top of the threshold (£45500 salary) and unlikely to get a payrise.
I'm sure tomorrow will feel brighter but feel free to join my pity party

The other 'trap' at £50,270, when you starting paying 40% income tax, is that your interest-on-savings allowance drops from £1,000 to £500. So going only slightly above the threshold could mean being worse off -- though only a very few people would probably face that.

Nigel is that you? Shouldn’t you be in the US brown nosing the great orange moron?!

So you were happy with a corrupt government that broke all the Covid rules and had parties while people were dying, who gave multimillion pound PPE contracts to their friends, sanctioned Russian interference in our elections and had a revolving door of 5 Prime Ministers in 6 years?

Op, you misunderstood something, that is fine. You admitted it and are relieved about it. You are human and we all have misunderstandings sometime.
Let me tell you something else that is good to learn, the longer into the evening, on mn, the more irritable and grumpy contributors become, maybe the red wine, maybe just get grumpy when they are tired. Just remember next time that if you post something in the evening you WILL get unreasonable and irritable, impatient responses. Sorry you had to endure this last night.

A salary increase is not clawed back. It is taxed, most likely at 20%.

God, it's quite painful reading some of these posts! (Not the one I'm quoting, the ones it is responding to)

Overtime isn't "clawed back" by the tax office, what a nonsensical comment.

You might pay tax on extra money, but not at 100%. Same as with pay rises. Are you suggesting people should be able to get overtime pay (not a legally defined term by the way) tax free?

Why would you wish that train drivers earn less, that's weird.

And I really wish that people would stop equating "pensioner" with "poor". Of course pensioners should pay tax if their income is over the threshold, same as everyone else. They already don't pay NI on pension income so they have a bonus there over working people.

They do, of course, only pay tax on the bit that is over the threshold. Just like everyone else.

It explains why UK productivity is in the shitter though.

How can people be seemingly intelligent enough to be earning enough to be in the 40% tax bracket but not understand how much tax they should be paying?

😅

It is.

It’s frightening how many people don’t understand tax. They should teach it in school!

Although it isn't part of the national curriculum many schools do teach it (and I did teach it as part of FS Maths at a college).

Why ? They teach English don't they ? And Mathematics ? What more do you need ?

True!

"Only illegal immigrants do well in Britain" Really? How many of the 1% who own 50% of all the land and more wealth than the bottom 70% combined are illegal immigrants?

It really is.

There is no change! Look up 24/25 and compare!

When I was at school many moons ago, I didn’t think I’d have to worry about going into the higher tax band so probably wouldn’t have worried about it too much then but thankfully that is now a consideration.

The £37700 band is on taxable income only. Your first £12570 is tax free. So, you pay nil on £12570, 20% on income between £12570 and £50,270 (~,£37k) and 40% on everything above that. That is calculated on salary minus pension contributions. It's your 'taxable income' that's counted, so pension conts can keep in the lower tax band.

When I was at school, many decades ago, video recorders hadn't been invented. There was no lesson on them at school.

Yet by the mysterious power of "reading" the manual, I managed to divine the secret art of programming one.

Where's my Nobel prize ?

Spoken like a true communist/socialist. You must absolutely adore Ms Reeves.

I swear she was brought up on Downton Abbey/Upstairs Downstairs and thinks we all live like that: either servile or wealthy.

You're an idiot if you believe any true socialist would support Reeves. Now, how about you actually answer my question like an adult and not with some gbeebies spoonfed wordsalad?

Did I say 100% across the board? Your post is pedantic. This is what google says:

A pay rise or boost in earnings is always worth celebrating. However, increased earnings can push you into a higher Income Tax bracket or lead to a larger overall tax bill. As a result, while your income will grow, you may lose a significant portion of that extra money to taxes.

If you ever watch or listen to the news, or read it online, you will know that pensioners and low wage earners are being warned of this many times.

To disagree for the sake of it is actually a punishment you are inflicting on yourself, not on me. I am more thick skinned than you think.

What question was that? Did it deserve answering? Did it even look like a question?

How does what you've copied from Google with no reference to where it came from equate to "clawing back"?

There's no shame in admitting you were wrong, of course I'd you earn more you pay more tax and some of that might be at a higher rate but its nonsense to define that as clawing back. Its how taxation works