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By the end of the month 22 million people should have received a tax rebate of around £60, this is due to the Government's U-turn on plans to scrap the 10 pence tax band, following a backlash from backbench MPs and the general public.The rebate is calculated by a £600 increase in the personal allowances for basic rate taxpayers to £6,035 from 7 September. The new measures will mean basic rate taxpayers see a tax saving of £120. Of which £60 should have been paid or will be paid by the end of this month, and a further £10 rebate each month until the end of the fiscal year.
Those who earn over £41,435, will not benefit, as the threshold for paying the upper rate of tax has been cut to £40,835.
What are you going to do with your rebate?
2 comments:
I've just found out that I should be able to get up to 40% off a new bike using the Government's Ride2Work scheme, so I can use the extra tax benefit to pay for a helmet and lights.
I will definately be spending my £60. I am 18 years old and make about £12,000. This means I was one of the people affected by the original decision to cut the 10p tax rate in the first place so why not, might as well have some fun!
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