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P543 Teletext 543 Aug30 21:14:13   TUESDAY    ——————————————————————————————  INCOME TAX TRAPS RECORD NUMBER A record 30.7m people are set to pay income tax this year, 1.3m more people than the previous year, Inland Revenue figures show. Gordon Brown estimates he will clean up a record £124bm from the tax in the tax year 2003/4 — up from £74.9bm when he became Chancellor in 1997. So why are so many more people trapped by income tax? And what effect is it having on our cashflow? ——————————————————————————————————1/5—— by Bridget Chapple Grab a UK Holiday Bargain - p233 Tax facts Credit&debt Holiday £ Racing
P543 Teletext 543 Aug30 21:10:06   TUESDAY    ——————————————————————————————  INCOME TAX TRAPS RECORD NUMBER Why are a record 30.7m people set to pay income tax this year? The Inland Revenue says: ■ Wage increases and a record number of people in jobs mean more people will pay income tax for the first time. ■ The sum you can earn before income tax has been frozen at £4,615 — not increased in line with inflation — meaning more people have to pay it. ——————————————————————————————————2/5—— Unit Trusts have moved to C5 p165-169 Grab a UK Holiday Bargain - p233 Tax facts Credit&debt Holiday £ Racing
P543 Teletext 543 Aug30 21:21:48   TUESDAY    ——————————————————————————————  INCOME TAX TRAPS RECORD NUMBER Higher wages are propelling people into the bracket where they pay income tax for the first time or go from being a basic to higher rate taxpayer: ■ The number of people paying basic rate tax is expected to rise from 16.4m in 1997/98 to 23.1m this year. ■ The number of people paying higher rate tax is expected to rise from 2.1m six years ago to 3.3m. ——————————————————————————————————3/5—— Are you a Premium Bond winner? 539 Grab a UK Holiday Bargain - p233 Tax facts Credit&debt Holiday £ Racing
P543 Teletext 543 Aug30 21:21:44   TUESDAY    ——————————————————————————————  INCOME TAX TRAPS RECORD NUMBER This year, Gordon Brown's income tax net will snare 1.3m more people — 4.5m more than when he became Chancellor. Since Labour came to power six 9ears ago, the number of pensioners paying income tax has jumped by a third from 3.4m to an estimated 4.6m this year. Those under 65 have been hardest hit as the income allowed before tax has been frozen at the standard £4,615, unlike the allowances for 65 and overs. ——————————————————————————————————4/5—— Unit Trusts have moved to C5 p165-169 Grab a UK Holiday Bargain - p233 Tax facts Credit&debt Holiday £ Racing
P543 Teletext 543 Aug30 21:21:19   TUESDAY    ——————————————————————————————  INCOME TAX TRAPS RECORD NUMBER Higher wages and frozen tax allowances mean the tax burden has increased for virtually all tax payers, says Nigel Gill of chartered accountants Blick Rothenberg. He says: "Coupled with the National Insurance increase, people will feel the difference." Personal tax allowances for the year 2003/04 are detailed on C4 p544. ——————————————————————————————————5/5—— Personal Finance headlines today 531 Grab a UK Holiday Bargain - p233 Tax facts Credit&debt Holiday £ Racing