EU Savings Tax Directive, part 4
UK 2006 / 2007 Budget
UK 2006 / 2007 Budget
What are the changes?
Summary of allowances and tax rates & bands
Personal allowances are up to 5,035 from 4,895 [2005/2006]
Income tax % and rates:
- 10% on first 2,150 of taxable income pa over 5,035
- 22% on next 31,150 of taxable income pa
- 40% on everything above 33,300 of taxable income pa
National insurance % and rates
Employed personnel will pay the following:
- First 84.00 per week is NI exempt
- 11% of earnings from 97.01 up to 645 per week
- 1% of earnings on everything above 645 per week
Do you know the implications on you?
Savings Tax Directive, effecive 1st July 2005
What are the implications? Tax on savings interest
- 15%, for interest payments from 1 July 2005 to 30 June 2008
- 20%, for interest payments from 1 July 2008 to 30 June 2011
- 35%, for interest payments from 1 July 2011 onwards
