The Mudcat Café TM
Thread #130345   Message #2936625
Posted By: Bonzo3legs
29-Jun-10 - 10:08 AM
Thread Name: BS: A well balanced fair budget! (UK)
Subject: RE: BS: A well balanced fair budget!
Ah, the exact figure for basic rate limit will be confirmed later in the year!

From HMRC notice BN01 22/06/10

Legislation will be introduced to provide for the following income tax and National Insurance Contributions (NICs) changes for 2011-12:
• the personal allowance for those aged under 65 will be increased by £1,000 to £7,475;
• the basic rate limit will be reduced so that higher rate taxpayers do not benefit from the increase in the personal allowance. The exact figure will be confirmed when September's Retail Prices Index (RPI) is known;
• the alignment of the Upper Earnings/Profits Limit (UEL/UPL) with the higher rate threshold (the total of the personal allowance for those aged under 65 and the basic rate limit) will be maintained by reducing the UEL/UPL; and
• the secondary threshold, which is the point at which employers start to pay Class 1 NICs, is to be increased by an extra £21 per week above indexation.