Tax Around the World: UK February 15, 2006
In the UK, there are three tax brackets, or bands ranging from 0% to 40%. This covers income after the personal allowance (£4,895 for single people, meaning that 40% is not paid until more than £37,295 is earned).
2005/2006 UK Tax Bands
|
Taxable Bands Allowances
|
2004-05 (£)
|
2005-06 (£)
|
|---|---|---|
|
Starting rate 10%
|
0 - 2,020
(USD 3519.97) |
0 - 2,090
(USD 3641.95) |
|
Basic rate 22%
|
2,021 - 31,400
(USD 54716.38) |
2,090 - 32,400
(USD 56458.94) |
|
Higher rate 40%
|
over 31,400
|
over 32,400
|
(n.b.: as of 2/13/06, 1 USD = 0.573868 GBP or 1 GBP = 1.74256 USD)
Source:
HM Revenue & Customs
- Posted in : Tax Brackets Around the World
- Author : Kyle
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