> …and it looks like he's put that up by 2% — marvellous.
No, I don't think that's right. Under the old rules, from a marginal pound I paid 22p tax and 11p national insurance and 37% of 67p tax credit withdrawal. Under the new rules it's 20p tax and 11p NI and 37% of 69p withdrawal. I think I come out ahead by a penny and a quarter in a pound.
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Date: 2007-03-22 12:17 pm (UTC)No, I don't think that's right. Under the old rules, from a marginal pound I paid 22p tax and 11p national insurance and 37% of 67p tax credit withdrawal. Under the new rules it's 20p tax and 11p NI and 37% of 69p withdrawal. I think I come out ahead by a penny and a quarter in a pound.