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The National Minimum Wage Act 1998 (c. 39) creates a minimum wage across the United Kingdom. [2] From 1 April 2024, the minimum wage is £11.44 per hour for people aged 21 and over, £8.60 for 18- to 20-year-olds, and £6.40 for 16- to 17-year-olds and apprentices aged under 19 or in the first year of their apprenticeship. [3]
UK income tax and National Insurance charges (2016–17) UK income tax and National Insurance as a percentage of taxable pay, and marginal income tax and NI rate (2016–17) Annual income percentiles for taxpayers in the UK, before and after income tax. In the SVG file, hover over a graph to highlight it.
At the time of its introduction in 1999, the reduced tax rate of 10% applied to incomes between £4,335 and £5,835 [5] (equivalent to £9,489 to £12,772 in 2023) and was the only income tax paid by 1.8 million of the lowest earners. [3] By early 2008, the 10% tax rate had been raised to apply to income between £5,225 and £7,455. [6]
In the United Kingdom, the value added tax (VAT) [1] was introduced in 1973, replacing Purchase Tax, and is the third-largest source of government revenue, after income tax and National Insurance. It is administered and collected by HM Revenue and Customs , primarily through the Value Added Tax Act 1994 .
On 22 April 2009, the then Chancellor Alistair Darling announced in the 2009 Budget statement that starting in April 2010, those with annual incomes over £100,000 would see their Personal allowance reduced by £1 for every £2 earned over £100,000, until the Personal allowance was reduced to zero, which (in 2010–11) would occur at an income of £112,950.
£1 Daily Play Lucky Dip Ticket: 1 in 11.5 4 numbers: £5: 1 in 22.3 5 numbers: £30: 1 in 222.6 6 numbers: £300: 1 in 6,343.1 7 numbers: £30,000: 1 in 888,030 The overall odds of winning a prize were 1 in 7.4 Source: National Lottery Daily Play Game Rules & Procedures
There is a system of onshore pooling, so that overseas tax suffered in high tax territories may be set off against taxable income arising from low tax territories. From 1 July 2009, new rules were introduced to exempt most non-UK dividends from corporation tax so these double taxation rules in respect of non-UK dividends will be of less common ...
9% [44] 12.65% (11% income tax + 15% of the income tax bill to the municipality) [44] 21% [44] Netherlands: 19% for the first €200.000 of profit, 25,8% for the rest. [45] 49.5% [46] (excluding income dependent bracket discount for incomes up to €98.604 [47]) 21% [48] (reduced rate of 9% and 0% for some goods and services) North Macedonia ...