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In the mid-1970s the top rate of income tax was 83% on an income above £20,000 a year. Unlimited mortgage interest relief set against these high levels of tax meant that high-income borrowers could save large amounts of tax. At the same time, tax income for the government was significantly reduced by this tax relief.
UK income tax and National Insurance charges (2016–17) UK income tax and National Insurance as a percentage of taxable pay, and marginal income tax and NI rate (2016–17) Annual income percentiles for taxpayers in the UK, before and after income tax. In the SVG file, hover over a graph to highlight it.
UK government bonds - known as "gilts" - are normally considered very safe, with little risk the money will not be repaid. They are mainly bought by financial institutions, such as pension funds.
The cost of government borrowing across several bonds rose on 14 October after Kwarteng was sacked as Chancellor and Truss announced a reversal of plans to cut corporation tax. [81] Interest on government bonds fell on 17 October as Chancellor Jeremy Hunt announced a reversal of the majority of the tax cuts outlined in the mini-budget, [57] but ...
The UK government has spent more than it has raised in taxation since financial year 2001-02, [3] creating a budget deficit and leading to growing debt interest payments. Average government spending per person is higher in Scotland, Wales and Northern Ireland than it is in England.
The UK government’s borrowing costs continue to rise, hitting the highest level since the financial crisis. Ten-year bonds hit yields of 4.89 per cent today, the highest since 2008 when they ...
An additional type of ISA, called the British ISA, was announced by the UK government in the March 2024 Spring Budget. It will have its own separate annual limit of £5,000 (in addition to the current £20,000 limit) to be used only for investment in UK companies.
His Majesty's Revenue and Customs (commonly HM Revenue and Customs, or HMRC) [4] [5] is a non-ministerial department of the UK Government responsible for the collection of taxes, the payment of some forms of state support, the administration of other regulatory regimes including the national minimum wage and the issuance of national insurance numbers.