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British Workers Wanted - Channel 4
On 24/11/2017 12:38, Huge wrote:
On 2017-11-24, JNugent wrote: On 24/11/2017 09:47, Huge wrote: On 2017-11-24, JNugent wrote: On 24/11/2017 02:46, Fredxxx wrote: [40 lines snipped] So yes, when NI was converted from a mere contribution into another income tax, it was "only" charged at 9%. But that was back in the days when the *basic* rate of income tax was still *37.5%* (and I can remember paying it at 42.5% under Wilson), but the total at the margin was then 37.5% + 9% = 46.5%. When Brown took over, 23 years later, the basic rate had been reduced from 37.5% to 23% and the NI rate had been increased to 10% (a total of 33%, down from Callaghan's 46.5%). Are you including the employers "contribution", too? It's been a while since I operated PAYE (and 27 months since I paid any NIC) so I'm totally adrift with the numbers. No. The employer's levy is on top of those figures. Thanks. That's what I suspected. Employers NI is 13.8% and has no upper limit. employees NI is 12% up to about £45,000 and then another 2% is added. My April 1974 P60 shows :- Gross pay £1258.79 less Superannuation £75.40 Employees NI grad. £18.76 Income tax £175.05 So NI (or its predecessor) was a lot less than tax for most people in 1974, where as now it is a significant chunk. The upper tax bands went up to 83% with another 15% investment income surcharge making 98% for those unfortunate to be 'better off'. However CGT was only 30%. |
#722
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British Workers Wanted - Channel 4
In article ,
Huge wrote: So NI (or its predecessor) was a lot less than tax for most people in 1974, where as now it is a significant chunk. That's because of Government promises not to increase income tax being "end run" around by increasing NIC instead. Of course. A tax where you pay more the higher your income isn't what those in power want. -- *A cubicle is just a padded cell without a door. Dave Plowman London SW To e-mail, change noise into sound. |
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