Universal Social Charge (USC)

Universal Social Charge (USC)

Universal Social Charge (USC) 150 150 Ralph Smith

In an effort to rationalise the taxation system to some extent the minister has decided to abolish health levy and income levy and replace them with a universal social charge. The universal social charge has been touted as revenue neutral but as I haven not made my calculations I cannot confirm that yet. While this will go some way towards simplifying the administration and understanding of the income tax system there is still a long way to go.

Details of the universal social charge rates and annual thresholds are below.

0% < ?4,004

2% ?0 to ?10,036

4% ?10,037 to ?16,016

7% > ?16,016

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