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Following the
change in pay rates after the implementation of Agenda for Change and
because this has included back pay dating back to October 2004 many
members have been concerned as to what and how much tax they would have
to pay.
The following is a brief summary of tax rates that we have concluded
from the information available from HM Revenue & Customs and is
effective from April 2006. We accept no liability for the information on
this page and would advise you to visit
http://www.hmrc.gov.uk/rates/
for a full and accurate description of all taxation. The rates for the
2005 - 2006 tax year are available at that website but the only main
difference is the personal allowance is 4,895 and you pay 40% tax from
36,295. For ease of calculation we have included the personal allowance
in the figures and following table.
|
Earnings |
Tax on
Income |
Tax on
Savings |
Tax on Dividends |
| 0 -
5035 |
0% |
0% |
0% |
|
5036 - 7125 |
10% |
10% |
10% |
|
7126 - 37435 |
22% |
20% |
10% |
|
Over 37435 |
40% |
40% |
32.5% |
National Insurance is 11% up to
£32,760 and 1% thereafter.
We hope you find this page useful but we would advise you visit
http://www.hmrc.gov.uk/rates/
for a more accurate and detailed explanation of tax rates. |
