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The starting rate and basic rate thresholds for income tax purposes will rise to £2,230 and £34,600 respectively for 2007/08. The Income Tax (Indexation) Order 2007 (SI 2007/943) raises the 10% starting rate band limit from £2,150 in 2006/07 to £2,230 for 2007/08. The basic rate band limit is raised from £33,300 in 2006/07 to £34,600 in 2007/08. Income above £34,600 is charged to income tax at the rate of 40% for 2007/08. Link
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About The Author  Sarah Laing Sarah is a Chartered Tax Adviser. She has been writing professionally since joining CCH Editions in 1998 as a Senior Technical Editor, contributing to a range of highly regarded publications including the British Tax Reporter, Taxes - The Weekly Tax News, the Red & Green legislation volumes, Hardman's, International Tax Agreements and many others. She became Publishing Manager for the tax and accounting portfolio in 2001 and later went on to help run CCH Seminars (including ABG Courses and Conferences). Sarah originally worked for the Inland Revenue in Newbury and Swindon Tax Offices, before moving out into practice in 1991. She has worked for both small and Big 5 firms. She now works as a freelance author providing technical writing services for the tax and accountancy profession. |
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Article Added Wednesday, 21 March 2007 | 4032 Hits |
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