| This 10p Tax thingmy
Can anyone explain whats going on with the 10p tax rate being cut?
From what I can gather: there is currently a 10% tax rate for low earners (between 5G and 19G a year) but this rate is going to be cut, meaning that the same low earners will need to pay a 20% rate of income tax instead. Some people in this category, those with kids mostly, will benefit through tax credits - but those without kids will lose that extra 10% pretty much without compensation.
Is this whats happening?
I assume this will affect a lot of AN users. People who work in bars, etc.
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