Talk:Income tax in the United Kingdom

message: In U K the following incomes are not taxable
Interest from NSC, Savings Bank Account, up to 70 GBP for National Savings Bank,
 
up to 4250 GBP against rental income
on and from 6.4.2006 up to 2,15,00 is exempted from income if it is deposited in pension scheme with a limit of 1.5 millon GBP for the whole life.  Anything above is to be taxed @ 55%
No deduction from income is available for payment of Life Insurance Premium.
Deduction up to GBP 200000 is allowed provided the same is invested in enterprise company for a commitment period of 3 years
All foreign remittances for income earned in other countries are taxable at the time of bringing the same in U K.
No tax is leviable up to 2150 GBP for all category of people.
I shall illistrate by an example.
Other examples are also invited.
--Ssunderagarwal 08:04, 4 April 2007 (UTC)
thread_title:  incomes that are not taxable  

message: Regular Saver: 8% gross/AER fixed for 12 months. Invest a minimum of £25, maximum £250 pm.     
High Interest Deposit Bond : 4.55% gross/AER fixed for two years 
Online Saver
Variable interest Online Saver. Interest of 4.65% gross, 4.75% AER paid monthly.
Interest paid monthly  £500+  3 
AER: Annual Equivalent Rate: This is a notional rate which illustrates what the gross rate would be if interest were paid and compounded each year.
 Sanjiv swarup 10:54, 4 April 2007 (UTC)
thread_title:  Bank Account / the gross interest variety  

message: Can we prepare a tax planning scenario for an individual
who earns a salary of GBP 3000 pm .
he needs to pay out rent, and has other expenses of GBP 2000 
Sanjiv swarup 11:02, 4 April 2007 (UTC)
thread_title:  Example : Income minus Expenditure = Savings   

message: 2004-5  2005-6
                    £4,745  £4,895
Tax bands   
10% on earnings  £4,746-£6,765  £4,896-£6,985
22% on earnings  £6,766-£36,145  £6,986-37,295
40% on earnings    £36,146 +  £37,296+
The current £7,000 tax-free savings limit for Individual Savings Accounts (Isas) will be kept until 2010.
Sanjiv swarup 11:03, 4 April 2007 (UTC)
thread_title:  Income tax Personal allowance  

message: If we keep this article, we should consider renaming the article to Income tax in the United Kingdom, since this is the format used by other countries.  This could be done with a article move. Morphh  (talk) 14:12, 04 April 2007 (UTC)
replies: text: your suggestion seems to have been actioned by Dhshah.
Suggest please dele this para 
Sanjiv swarup 14:29, 4 April 2007 (UTC)
replies: text: I see you've tried to make the move - I think a lower case "tax" in the title would be just a bit better. Thanks Morphh  (talk) 16:16, 04 April 2007 (UTC)
replies: text: Corrected. Morphh  (talk) 16:20, 04 April 2007 (UTC)

text:  i will study the use of the case for the word "tax" 
Sanjiv swarup 00:40, 5 April 2007 (UTC)
thread_title: Naming

message: Merged the history of the legislation with the provisions
more info is requested 
Sanjiv swarup 06:28, 4 April 2007 (UTC)
replies: text: Seems like a good article now... It has sufficient information now. Kalivd 07:14, 4 April 2007 (UTC)
replies: text: Sanjiv Swarup, the article you originally renamed (Income Tax Act 1842) was an article on that specific piece of legislation (ie, on what was passed in 1842), not on  income tax today. I've restored Income Tax Act 1842 to its prior state, leaving you with this particular article as a general article on income tax in the UK. Winklethorpe 14:01, 5 April 2007 (UTC)
replies: text:  Your point is appreciated . Suggest deletion of this secion now. Sanjiv swarup 18:17, 5 April 2007 (UTC)
replies: text:  If you mean this section of the talk page, it's usual to leave talk pages as they are. If it gets too long, it can be archived. Winklethorpe 23:10, 6 April 2007 (UTC)
thread_title:  Restoration of  Income Tax Act 1842 

message: *The Creators of the Modern Income Tax
This link is not functional. It gives an error that the page cannot be displayed.
Ruzbehraja 05:09, 6 April 2007 (UTC)
replies: text: removed Sanjiv swarup 05:13, 6 April 2007 (UTC)
thread_title:  External links not functional

message: Nowadays we're living longer, so we need more money than previous generations once did.
That's why many people choose to enhance their State entitlement through a scheme set up by their employer, or with a personal pension. The money is invested by their pension provider on their behalf with the aim of building up a more substantial sum for retirement.
Tax advantages:
For every £1 you put in, the Government adds 22p (for the 2006/07 tax year) for basic–rate taxpayers. Higher-rate taxpayers can also re-claim an additional 18p (for every £1) via their tax return. If you're offered a company scheme you may be able to benefit from your employer's payments.
Pensions invest in different types of investments, including investments based on stocks and shares, which carry different levels of risk. The value of your investment can fall as well as rise and you may get back less then you pay in.
If you have a personal pension but stop paying into it, you could actually lose much of whatever you've already paid. For example by stopping paying into your fund, the charges may reduce your fund, meaning you could lose out when you retire. 
:Simple Steps to Starting a Pension Account
::*You decide to save for retirement with a personal pension plan
::*You choose a provider, type of pension and the age you would like to retire at.
::*You begin making payments: These payments, up to 100% of your relevant UK earnings, will receive tax relief, normally at your highest rate.
::*You retire at your selected pension age:The minimum retirement age is 50, but this will increase to 55 from April 2010.
::*You begin taking your income
Points to note:
*If your income goes up, you may be able to pay more into your pension.
*If you want to leave your pension provider, you can, but the transferred fund amount may be less than the amount you have paid in.
Source: Liberty Accounts
Ruzbehraja 11:39, 8 April 2007 (UTC)
replies: text: Dear Ruzbehraja,
please check your findings with this source.... 
HM Revenue & Customs: Pensions Tax Simplification
You will get tax relief on contributions up to 100% of your annual earnings 
(up to an annual allowance set at £215000). So if you put £100 into your pension ...
www.hmrc.gov.uk/PENSIONSCHEMES/pts.htm 
UK Income Tax Calculator  ... uk.biz.yahoo.com/tax/calculators/home.html  
A to Z - State Pension
Your working life is counted from the start of the tax year in which you reach the age of.. www.thepensionservice.gov.uk/atoz/atozdetailed/retirement.asp 
Pensions and retirement : Directgov - financial planning www.direct.gov.uk/en/MoneyTaxAndBenefits/PensionsAndRetirement/index.htm 
Sanjiv swarup 11:57, 8 April 2007 (UTC)
thread_title:  Pension Savings 

message: Income Tax Allowances
The Chancellor announces the rates of allowances at the Pre-Budget Report which precedes the start of the tax year to which they relate. Generally speaking, Pre-Budget Report takes place in November or December.
Income Tax Allowances table Income tax allowances
 2006-07 (£)
 2007-08 (£)
 
Personal allowance
 5,035
 5,225
 
Personal allowance for people aged 65-74 (1)
 7,280
 7,550
 
Personal allowance for people aged 75 and over (1)
 7,420
 7,690
 
Married couple's allowance (born before 6th April 1935 but aged under 75) (1) (2)
 6,065
 6,285
 
Married couple's allowance - aged 75 and over (1) (2)
 6,135
 6,365
 
Income limit for age-related allowances
 20,100
 20,900
 
Minimum amount of married couple's allowance
 2,350
 2,440
 
Blind person's allowance
 1,660
 1,730
 
(1) - These allowances reduce where the income is above the income limit by £1 for every £2 of income above the limit. They will never be less than the basic Personal allowance or minimum amount of Married Couple’s allowance.
(2) - Tax relief for the Married Couple's allowance is given at the rate of 10 per cent.
( http://www.hmrc.gov.uk/rates/it.htm ) 
Sanjiv swarup 03:32, 9 April 2007 (UTC)
thread_title:  Income Tax Allowances / please help in editing this