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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.
Direct taxation can apply on income or on wealth (property tax; estate tax or wealth tax). Here below a few examples of direct taxes existing in the United States (though not all of these meet the US constitutional definition of a direct tax, as stated below): [9] Income tax: it is the most important direct tax in many developed countries. It ...
The tax rates displayed are marginal and do not account for deductions, exemptions or rebates. The effective rate is usually lower than the marginal rate. The tax rates given for federations (such as the United States and Canada) are averages and vary depending on the state or province. Territories that have different rates to their respective ...
Claim all eligible college and other education tax credits. There are two kinds of education tax credits. The American opportunity credit is for up to $2,500 a year (based on at least $4,000 spent ...
In most implementations, many worksheets may be located within a single spreadsheet. A worksheet is simply a subset of the spreadsheet divided for the sake of clarity. Functionally, the spreadsheet operates as a whole and all cells operate as global variables within the spreadsheet (each variable having 'read' access only except its containing ...
As a direct consequence of making repayments on LOBOs, councils have had to make major cuts in services to their residents. [ 1 ] [ 2 ] It has been calculated that if councils were free to relinquish their LOBO contracts at no penalty and instead borrow at a more typical market rate it would save them about £145 million for 2015 alone. [ 1 ]
100% mortgages are mortgages that require no deposit (100% loan to value). Examples include: some first-time buyer deals, when perhaps a portion of the loan is secured against a parent's property; concessionary purchase (inter-family property transaction), when the purchase is at below market value; Right to Buy purchase at a discounted ...
The mechanism for repaying post-2012 loans if the debtor has moved overseas is much the same as for those still in the UK: the same 9% of gross income over a specified threshold (set in pounds sterling) applies, except that the threshold is varied by country, ostensibly to take into account differences in salaries, cost of living, etc., when ...