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20% rate of income tax extended by £500 to £2,500; 25% basic rate of income tax frozen; 40% higher income tax rate frozen at £23,700; Personal tax allowances frozen; VAT on domestic fuel to be charged at 8% from April 1994, rising to 17.5% from April 1995; Stamp duty threshold increased; Mortgage relief reduced to 20%; Excise duty on petrol ...
Personal tax allowances frozen for two consecutive years [4] 20p tax band extended by £500 to £3,000 [h] [4] Blind Person's Tax Allowance to increase from £1,080 [i] to £1,200 [j] [4] Married Couples' Tax Allowance to fall to 20% in 1994 and 15% in 1995 [4] Mortgage interest relief to fall from 25% to 20% in 1994, and to 15% in 1995 [4]
Annual income percentiles for taxpayers in the UK, before and after income tax. In the SVG file, hover over a graph to highlight it. The most recent SPI report (2012/13) gave annual median income as £21,000 before tax and £18,700 after tax. [7] The 2013/14 HBAI report gave median household income (2 adults) as £23,556. [9]
On 22 April 2009, the then Chancellor Alistair Darling announced in the 2009 Budget statement that starting in April 2010, those with annual incomes over £100,000 would see their Personal allowance reduced by £1 for every £2 earned over £100,000, until the Personal allowance was reduced to zero, which (in 2010–11) would occur at an income of £112,950.
Since autumn 2017 the United Kingdom budget typically takes place in the Autumn in order to allow major tax changes to occur annually, well before the start of the fiscal year. [2] The most recent budget was presented by Rachel Reeves on 30 October 2024. The UK fiscal year ends on 5 April each year. The financial year ends on 31 March of each year.
An initiative to counter tax avoidance with a target of £500 million per annum was announced in December 2010, but the expected take had doubled to £1 billion by March 2011. [ 15 ] Reactions after the Budget speech
K2 was an offshore wealth management scheme in which salaries of individuals in the United Kingdom were channelled through shell corporations in Jersey, Channel Islands.In June 2012, media reporting of people using K2 for the purposes of tax avoidance was followed by the United Kingdom's Prime Minister David Cameron characterising the scheme as "morally wrong". [1]
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.