Osborne Cuts 40% Boundary Back to Brown Era Levels

2009-10-bandsGuido hasn’t seen this reported anywhere else in the news, the PM’s forward promise to move the 40% threshold up to £50,000 means that the rate will kick in at the boundary level last seen in 2009/10 under Gordon Brown. In 2009 the 40% rate kicked in after £37,400 of taxable income and under a Conservative government in 2020 after a decade in office it would kick in at £37,500 (£50,000 – £12,500). A move in the right direction of £100…

Confused? Well the threshold drag has been a hard-to-headline stealthy massive tax hike by this government. With no other deductions and no change in the N.I. rate – which Guido suspects will be abolished in a final Lawsonian type reform towards which Osborne is ideologically inclined – the net take home figure would only be improved by some £2,100 for a £50,000 earner in 2020 compared to 2010 – a 4.2% relief. Whereas someone on minimum wages making £12,500 in 2020 compared to 2010 will see nearly a 100% improvement in their net take home pay…

(Thanks to bean-counting co-conspirator Q97 for help with the sums.)




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Quote of the Day

Former public schoolboy Chuka Umunna told the  ‘Exit From Brexit Dinner’…

“Remainians, Remoaners, I don’t care what the label is, I’m proud. It’s fashionable to label everyone in this room as the liberal metropolitan elite . . . This caricature is promoted by a bunch of former public schoolboys!” 

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