How your tax will change and when
Article Abstract:
There are a number of tax changes scheduled for implementation in the 1999-2000 tax year and the following year in the United Kingdom. Changes introduced from April 1999 include a new 10% tax rate for the initial 1,500 pounds sterling of taxable income, and 23% above this level. The Married Couple's allowance has dropped to 10% from 15% for people under 65-years-old. There will be a drop in the basic income tax rate to 22% from 23% from April 2000, when changes to the National Insurance system also start to come into effect.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1999
User Contributions:
Comment about this article or add new information about this topic:
Bugs in the system
Article Abstract:
The United Kingdom self-assessment tax scheme has been criticised for miscalculations, and taxpayers have been sent bills for very small amounts such as one penny. There have also been errors in processing tax returns The tax authorities argue that the new system is a success on the whole, and accountants agree that most returns have been adequately dealt with. Tax payers should check that the tax authorities has correctly dealt with their affairs, as well as meeting deadlines for payments and sending tax returns.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
Planning your campaign
Article Abstract:
The United Kingdom tax system uses a number of criteria to assess residence, such as being in Britain for 183 days or above this figure. This is different from being domiciled, which relates to nationality and whether they have lived for 17 years of total of the previous 20 years in that country. Offshore investment is affected by the rule that non-domiciled residents in the UK are taxed on overseas income that comes into the UK save employment income in the case of residents.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1999
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: How Brown's magic will hit companies. Whistling in the wind. No tax rises
- Abstracts: Solving the puzzle. Planning a portfolio. The pick of the pack
- Abstracts: Of mice and men. Hard-hitting kit. The Mac pack
- Abstracts: How to stay ahead of a sneaky chancellor. Breaking the Isa
- Abstracts: New house, new ceiling. Plan details