what is the 50p tax rate?
Apr 06, · The 50p income tax rate is for taxable incomes of ?, or more A new 50% tax rate for top earners has come into force at the start of the financial year. The new rate will affect the , Sep 07, · So the 50p tax rate that you read about in the newspapers affects rich people who end up paying 50% on every ? that they earn above ?, So if .
SNP leader Nicola Sturgeon said she was keeping "under review" the possibility of a 50p top rate of income tax. Her party supported the move at the UK general election in but took advice that warned against introducing the 50p rate just for Scotland. Income above that threshold is currently what to do when you are hungover at 45p in the pound.
The parties clashed the day after Finance Secretary Derek Mackay told MSPs tx the Scottish government was still considering whether to put up tax for higher earners in Scotland from next year. He said the government's council of economic advisers was looking at whether a 50p rate could be introduced from Ms Sturgeon has faced criticism for not using new tax powers at Holyrood to implement a policy that she supported for the UK general election in But Scotland's first minister said there were fears that it could harm the Scottish economy if higher earners sought to avoid the tax by moving their affairs within the UK.
Last year, Ms Sturgeon tasked advisers with looking at the issue on an annual basis to see whether the risk could be mitigated. Mr Whaat said the Scottish government needed to be "sufficiently assured" that raising the additional rate from 45p to 50p would ukk be a risk to Scottish tax revenues.
Ms Sturgeon told BBC Scotland, while campaigning in Inverness: "We fought the Scottish election last year on a manifesto that said we would not introduce a 50p top rate tax because we had been advised whatever happened to michael j pollard we could lose money because of the potential for tax avoidance.
We are keeping it under review but have reached no conclusions on future years' policy. However, she added that in the UK election she had argued there was no issue of cross-border tax avoidance between Scotland and the rest of the UK and that was still the case. Scottish Conservative deputy leader Murdo Fraser said: "There is a real risk that if you go down this road you end up raising less money.
Scottish Labour hax Kezia Whaf said: "This desperate attempt to win back voters who are deserting the SNP for its record of failure in yax won't fool anyone. Now they raye saying they might well rats it. It guarantees nothing. It just adds confusion. MSPs in historic income tax vote. What are Scotland's tax powers? Dugdale: 50p tax 'not gesture politics'. Would a 50p tax rate lose or gain revenue? The Tories warned against raising the tax rate, saying it could result in thw being lost. She said the SNP manifesto would be published in due course and would outline its position.
Income tax. Related Topics. More on this story. Published 21 February Published 30 November Published 30 March
May 12, · Ms Sturgeon said details of whether the SNP would again support a UK-wide 50p top rate would be in the SNP manifesto. The Tories warned against raising the tax rate. Starter rate in Scotland: 19%: Up to ?2, Up to ?2, Up to ?2, Up to ?2, Basic rate in Scotland: 20%: ?2, to ?12, ?2, to ?12, ?2, to ?12, ?2, to ?.
There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page. Ive just started doing economics at a levels and i was wondering what the 50p tax rate was since it came up in a lot of recent articles in newspapers. You pay tax at different rates in the UK based on your total income for a year.
The rates of tax you pay are as follows:. No its perfectly fine at 50p, we're not being bitter. If you seriously earn that much money then you should except the fact you are to pay the 50p tax. At the end of the day, yes they'll have worked hard to get to earning that much money and so it is slightly unfair they shoulkd have to pay that much tax past a certain point BUT at the end of the day the people doing the most important jobs like doctors, nurses, firemen, policemen, teachers etc etc they dont earn enough to have to pay the 50p tax and so the only perspeople losing out are the people who are already stupidly rich and not really saving lifes :P.
Brief answer, every one has a perdonal tax allowance. The rate of tax depends on how you you have as income after you have used up that allowance. The rate depends on how much you make. It is called progresive banking and is normal. By the way the UK does not have particullarly high tax rates. Trending News. Pesky turtle messes with lions — and gets away with it.
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