In the table below we have attempted to breakdown the impact of Budget 2006 on typical families and income groups - although it cannot measure the effect of "sin taxes" on cigarettes and beer, and the green taxes on heavily polluting vehicles.
| BUDGET 2006 IMPACT BREAKDOWN |
| |
Annual Income |
| Household Type |
£15,000 |
£35,000 |
£50,000 |
| Single no children |
£53 |
-£25 |
£163 |
| Single 1 child |
£238 |
-£25 |
£163 |
| Single 2 children |
£329 |
-£9 |
£178 |
| Single 65-74 |
£138 |
£294 |
£294 |
| Single 74 + |
£141 |
£294 |
£294 |
| Married 65-74 |
£276 |
£343 |
£343 |
| Couple both working 1 child |
£315 |
£130 |
£130 |
| Couple both working 2 children |
£406 |
£146 |
£146 |
| Couple 1 working no children |
£163 |
-£25 |
£163 |
| Couple 1 working 1 child |
£262 |
-£1 |
£186 |
| Couple 1 working 2 children |
£278 |
£343 |
£343 |
| Married couple 75 and over |
£278 |
£343 |
£343 |
| Couple both working no children |
£217 |
£107 |
£107 |
The tax calculations have been provided by KPMG LLP (UK). They summarise the Budget 2006 proposals and other tax changes, which may be amended significantly before enactment. The table is intended to provide a general guide to the subject matter and should not be regarded as a basis for ascertaining liability to tax or determining investment strategy in specific circumstances.
Although endeavours have been made to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate independent professional advice after a thorough examination of the particular situation.
Levels and bases of, and reliefs from, taxation are subject to change.
Article date: May 2006
|
