The result is that
basic rate tax at 20% is now due on PS500 of their interest which amounts to PS100.
Until recently I was a
basic rate taxpayer but now I am into higher-rate tax.
If you're a
basic rate taxpayer, from April 6 all banks and building societies will stop taking tax from the interest paid on your non-Isa savings and current accounts.
George therefore expected that he would receive PS13,600 from his pension provider (PS17,000 less 20 per cent
basic rate Income Tax).
More than one in three readers would increase
basic rate income tax from 20% to 21% to pay for hospital building.
He said that while programming fees are expected to increase 7 percent to 18 percent annually, SELCO's expanded
basic rates remain 25 to 36 percent below rates of private competitors in surrounding communities.
If you pay overtime, only the employee's
basic rate of pay can be taken into account for calculating national minimum wage.
from 8% to 8.5%, but we warned that as soon as inflation slowed down, we would have to lower the
basic rate too.
Bringing forward the increase in the income tax personal allowance will mean a cumulative cash benefit for typical
basic rate taxpayers of PS705 since the Coalition took power, according to Treasury figures.
ALTHOUGH the latest inflation figures show the Consumer Prices Index (CPI) fell in November from 5% to 4.8%, a
basic rate taxpayer at 20% still needs to find a savings account paying 6% per annum, while a higher rate taxpayer at 40% needs to find an account paying 8%, to keep ahead of inflation, says Moneyfacts.co.uk.
For
basic rate taxpayers, these certificates pay the current inflation rate measured by the Retail Prices Index (RPI) plus 1% on each anniversary.