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
