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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The higher rates of income tax are also being increased, going to 41p and 46p.
Jeremy Corbyn This concentration has been increasing over the last decade partly due to the pay and benefits freeze and cuts in corporation tax and the threshold at which higher rates of income tax are paid.
They would protect tax credits for working families so they rise with inflation and not increase the basic or higher rates of income tax, National Insurance or VAT.
Shadow chancellor Ed Balls has already ruled out rises to VAT, national insurance and the basic or higher rates of income tax.Mr Cameron's Conservative Party entered the first day of campaigning buoyed by an opinion poll giving it a four-point lead over Labour - its big-gest advantage since September 2010 - overturning a similar lead for Labour in a survey released over the weekend.
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 payment in 1993 of postponed public sector pay increases will imply substantial rises in spending at a time when the government has commitments to reduce the standard and higher rates of income tax and to cut the standard rate of VAT.
The basic and higher rates of income tax remain unchanged at 20%, 40% and the 45% tax rate continues to be relevant for those with taxable income in excess of PS150,000.
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.

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