Wed, Nov 11, 2009
tax calculator powered by UK Tax Calculators
We have added a 2010/2011 Tax Calculator with the 50% rate and new tapering for Personal Allowances over £100,000.
Using our figures, an individual earning £250,000 will take home £141,220 in the 2010/2011 Tax Year. This means an additional £12,590 could be taken as tax due to the Personal Allowance and 50% tax changes.
An individual earning £105,000 would have been taxed a total of £36,739 this year, but next tax year this will rise to £37,739 – an increase of £1000.
In the 2010-11 tax year the Personal Allowance reduces where the income is above £100, 000 – by £1 for every £2 of income above the £100,000 limit. This applies to all age groups.
However, for people over the age of 65, for the 2008-09 and 2009-10 tax years the tax free allowances will never be less than the basic Personal Allowance.
From the 2010-11 tax year the Personal Allowance for people aged 65 to 74 and 75 and over can be reduced below the basic Personal Allowance where the income is above £100,000.