Higher Rate of Income Tax

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Higher Rate of Income Tax

In progressive taxation, a tax rate above another rate. In most cases, the higher rate of income tax only applies to income over a defined level. For example, if one is taxed 10% on all income under $15,000 and 20% on all income over $15,000, 20% is the higher rate of income tax.
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But others have changed their minds about plundering pots after working out the tax implications - as cashing in funds can make you liable for higher rates of income tax.
Shadow chancellor Ed Balls has already ruled out rises to VAT, national insurance and the basic or higher rates of income tax.
The IFS highlighted the "problematic" failure to uprate tax thresholds in line with inflation, and warned of a "rapid" increase in workers paying higher rates of income tax as the economy improves.
JOBS Minister Richard Bruton has claimed higher rates of income tax are a "handicap to investment".
The ability for an individual to drain one's pension fund well in advance of normal retirement potentially triggering higher rates of income tax not having sought advice will provide an ideal headline in months to come.
The basic and higher rates of income tax will remain the same and the Government has stuck by its decision to reduce the top rate of tax on earnings over PS150,000 from 50p to 45p next month.
Scotland will have the power to set income tax rates and to set the threshold for higher rates of income tax, although the initial threshold at which tax begins to be paid will still be set by Westminster.
The Welsh Government would be able to vary the basic and higher rates of income tax upwards or downwards within a limit.
Labour is also due to announce its keenly-awaited General Election pledge on tax and is expected to repeat the 1997 and 2001 commitment not to raise the basic or higher rates of income tax.
I'd like to see higher rates of income tax instead of taxes on spending which hurt the disadvantaged.

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