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detox · 10-31-2007, 02:02 PM

Income tax is very familiar (and perhaps disliked!) by all who work, but many people do not understand fully how it is charged. It is an important tax to the government as it is its main revenue-raising tax, though despite that it only represents just over a quarter of total tax revenue. National Insurance and VAT come fairly close on the list in terms of importance.<br /><br />Over 25 million individuals pay income tax in the UK, but not all income incurs tax. The main kinds of income upon which income tax is levied are pay, pension payments upon retirement, unemployment benefit, profits from business, income from property, bank and building society interest and dividends on shares. Income tax is not paid on certain privileged savings products such as National Savings Certificates<br />.The structure of income tax in the UK operates via a system of allowances and bands. All individuals have a personal allowance which is deducted from total pre-tax income in order to get to the taxable income.<br />

Lucia · 10-31-2007, 02:02 PM

Not funny. I couldn't be any less amused if I tried.

papen · 10-31-2007, 02:02 PM

NOT

Marush · 10-31-2007, 02:02 PM

Not

vix · 10-31-2007, 02:02 PM

If I were a liberal perhaps I would find information about taxes funny. But as I am more towards the middle, taxes are more frightening then funny. therefore I would say not.

quicken · 10-31-2007, 02:02 PM

OMG! This is so NOT funny!

vicki · 10-31-2007, 02:02 PM

Not, sorry.

tzunami · 10-31-2007, 02:02 PM

You would have to work for the IRS to find any of that funny, or be on unemployment benefit.

10-31-2007, 02:02 PM	#1
detox Savings Advisor Join Date: Jul 2006 Posts: 109 Rep Power: 6	funny or not? Income tax is very familiar (and perhaps disliked!) by all who work, but many people do not understand fully how it is charged. It is an important tax to the government as it is its main revenue-raising tax, though despite that it only represents just over a quarter of total tax revenue. National Insurance and VAT come fairly close on the list in terms of importance.<br /><br />Over 25 million individuals pay income tax in the UK, but not all income incurs tax. The main kinds of income upon which income tax is levied are pay, pension payments upon retirement, unemployment benefit, profits from business, income from property, bank and building society interest and dividends on shares. Income tax is not paid on certain privileged savings products such as National Savings Certificates<br />.The structure of income tax in the UK operates via a system of allowances and bands. All individuals have a personal allowance which is deducted from total pre-tax income in order to get to the taxable income.<br />

10-31-2007, 02:02 PM	#2
Lucia Greenhorn Join Date: Jul 2006 Posts: 13 Rep Power: 0	funny or not? Not funny. I couldn't be any less amused if I tried.

10-31-2007, 02:02 PM	#3
papen Greenhorn Join Date: Jul 2006 Posts: 21 Rep Power: 6	funny or not? NOT

10-31-2007, 02:02 PM	#4
Marush Greenhorn Join Date: Jul 2006 Posts: 22 Rep Power: 6	funny or not? Not

10-31-2007, 02:02 PM	#5
vix Greenhorn Join Date: Jul 2006 Posts: 9 Rep Power: 0	funny or not? If I were a liberal perhaps I would find information about taxes funny. But as I am more towards the middle, taxes are more frightening then funny. therefore I would say not.

10-31-2007, 02:02 PM	#6
quicken Greenhorn Join Date: Jul 2006 Posts: 27 Rep Power: 6	funny or not? OMG! This is so NOT funny!

10-31-2007, 02:02 PM	#7
vicki Greenhorn Join Date: Jul 2007 Posts: 20 Rep Power: 5	funny or not? Not, sorry.

10-31-2007, 02:02 PM	#8
tzunami Greenhorn Join Date: Jul 2006 Posts: 11 Rep Power: 0	funny or not? You would have to work for the IRS to find any of that funny, or be on unemployment benefit.

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