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UPS 2 or remain on UPS 1? -New upper threshold....40%

Discussion in 'Pay and conditions' started by strawbs, Apr 6, 2011.

  1. strawbs

    strawbs Established commenter

    Don't panic - personal allowance is £7475. Basic rate tax is then on the NEXT £35000 of your incom.
     
  2. henriette

    henriette New commenter

    and as pension is deducted before tax my understanding is that even up3 is not yet upper tax rate
     
  3. Interesting and informative thread [​IMG]
    So does anyone know at what wage will the person be affected? I'm assuming it'll be those on leasdership scale/UPS + TLR?
    I'm also due a pay rise and not sure if I want it now [​IMG]
    TIA
     
  4. henriette

    henriette New commenter

    I am UP3(Fringe) + top 2 TLR and I understand that I will not fall into the upper rate tax bracket, but that colleagues on UP3 + TLR1 will.
    Maybe the same colleague who does not recieve any form of London Weighting may not? I don't know.
     
  5. jubilee

    jubilee Star commenter

    You look at your income from April to the end of March.
    You add your total pension deductions to your Personal Allowance of over £7k and then add the GTC fee (notify the Inland revenue) + the allowable portion of your Union subs (ask Union how much and inforn the IR) ... then add the £35001 that will be taxed at 20%. Anything earned over that amount will be taxed at 40%.
    If you've opted out of the pension, Opt back in!
     

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