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.
5MINUTE BRIEFING
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.
'Little hope as UK rife with inequality'
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.
General Election 2015: Who should I vote for on election day? We detail the election promises of the main parties in the run up to the May 7 poll; We detail the election promises of the main parties in the run up to the May 7 poll
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.
Cameron and Miliband go straight on to attack
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.
Everyone paying PS255 more tax, says report
JOBS Minister Richard Bruton has claimed higher rates of income tax are a "handicap to investment".
HIGH TAXES A HANDICAP; Bruton blast as hopes rise for cut in Budget
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.
Keeping pace with host of changes to pensions
The Chancellor could also freeze the threshold at which basic and higher rates of income tax kick in - meaning an extra 70,000 could end up paying more tax.
Overdrawn: can he win us over? The Chancellor will tomorrow announce his make-or-break report on the economy ahead of next year's General Election. But just what does the pre- Budget report mean for us? Here, Political Editor WILLIAM GREEN reports
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.
Ireland
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.
Enterprising budget
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.
Scotland's new deal leaves North in no man's land
The Welsh Government would be able to vary the basic and higher rates of income tax upwards or downwards within a limit.
An idiot's guide to the announcement

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