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Income In The United Kingdom
Median household disposable income in the UK was £29,400 in the financial year ending (FYE) 2019, up 1.4% (£400) compared with growth over recent years; median income grew by an average of 0.7% per year between FYE 2017 and FYE 2019, compared with 2.8% between FYE 2013 and FYE 2017. The rise in median income has occurred during a period where the employment rate grew by 0.5 percentage points, while real total pay for employees increased by an average of 1.0% across the 12 months in FYE 2019 compared with FYE 2018. Median income of people living in retired households increased by 1.1% (£300), while the median income of people living in non-retired households grew by 1.3% (£400). Data sources There are a number of different sources of data on income which results in different estimates of income due to different sample sizes, population types (e.g. whether the population sample includes the self-employed, pensioners, individuals not liable to tax), definitions of income (e.g. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Uk Incomes
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the European mainland, continental mainland. It comprises England, Scotland, Wales and Northern Ireland. The United Kingdom includes the island of Great Britain, the north-eastern part of the island of Ireland, and many List of islands of the United Kingdom, smaller islands within the British Isles. Northern Ireland shares Republic of Ireland–United Kingdom border, a land border with the Republic of Ireland; otherwise, the United Kingdom is surrounded by the Atlantic Ocean, the North Sea, the English Channel, the Celtic Sea and the Irish Sea. The total area of the United Kingdom is , with an estimated 2020 population of more than 67 million people. The United Kingdom has evolved from a series of annexations, unions and separations of constituent countries over several hundred years. The Treaty of Union between ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Effects Of Tax And Benefits On Household Income In The UK 2011 - 2012
Effect may refer to: * A result or change of something ** List of effects ** Cause and effect, an idiom describing causality Pharmacy and pharmacology * Drug effect, a change resulting from the administration of a drug ** Therapeutic effect, a beneficial change in medical condition, often caused by a drug ** Adverse effect or side effect, an unwanted change in medical condition caused by a drug In media * Special effect, an artificial illusion ** Sound effect, an artificially created or enhanced sound ** Visual effects, artificially created or enhanced images *Audio signal processing ** Effects unit, a device used to manipulate electronic sound *** Effects pedal, a small device attached to an instrument to modify its sound Other uses * Effects, one's personal property or belongings * Effects (G.I. Joe), a fictional character in the G.I. Joe universe * ''Effects'' (film), a 2005 film * Effect size, a measure of the strength of a relationship between two variables * Effect syst ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom Labour Law
United Kingdom labour law regulates the relations between workers, employers and trade unions. People at work in the UK can rely upon a minimum charter of employment rights, which are found in Acts of Parliament, Regulations, common law and equity (legal concept), equity. This includes the right to a minimum wage of £9.50 for over-23-year-olds from April 2022 under the National Minimum Wage Act 1998. The Working Time Regulations 1998 give the right to 28 days paid holidays, breaks from work, and attempt to limit long working hours. The Employment Rights Act 1996 gives the right to leave for child care, and the right to request flexible working patterns. The Pensions Act 2008 gives the right to be automatically enrolled in a basic occupational pension, whose funds must be protected according to the Pensions Act 1995. Workers must be able to vote for trustees of their occupational pensions under the Pensions Act 2004. In some enterprises, such as universities, staff can Codetermina ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taxation In The United Kingdom
Taxation in the United Kingdom may involve payments to at least three different levels of government: central government (HM Revenue & Customs), devolved governments and local government. Central government revenues come primarily from income tax, National Insurance contributions, value added tax, corporation tax and fuel duty. Local government revenues come primarily from grants from central government funds, business rates in England, Council Tax and increasingly from fees and charges such as those for on-street parking. In the fiscal year 2014–15, total government revenue was forecast to be £648 billion, or 37.7 per cent of GDP, with net taxes and National Insurance contributions standing at £606 billion. History A uniform Land tax, originally was introduced in England during the late 17th century, formed the main source of government revenue throughout the 18th century and the early 19th century.Stephen Dowell, ''History of Taxation and Taxes in England'' (Routledge ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Poverty In The United Kingdom
Poverty in the United Kingdom refers to the portion of the population of the United Kingdom that are considered to be in poverty under some measures of poverty. Data based on incomes published in 2016 by the Department for Work and Pensions (DWP) show that, after housing costs have been taken into consideration, the number of people living in the UK in relative poverty to be 13.44m (21% of the population). In 2015, a report by Institute for Fiscal Studies reported that 21.6% of Britons were in relative poverty. The report showed that there had been a fall in poverty in the first few years of the 21st century, but the rate of poverty remained broadly flat in the decade after 2004/5. Full Fact found that the British poverty rate is "almost exactly the same level as the EU average (17%)", much lower than the DWP figures due to differences in calculation methods between countries. In 2018, Philip Alston, the UN Special Rapporteur on extreme poverty and human rights said that Brit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Support
Income Support is an income-related benefit in the United Kingdom for some people who are on a low income, but have a reason for not actively seeking work. Claimants of Income Support may be entitled to certain other benefits, for example, Housing Benefit, Council Tax Reduction, Child Benefit, Carer's Allowance, Child Tax Credit and help with health costs. A person with capital over £16,000 cannot get Income Support, and savings over £6,000 affect how much Income Support can be received. Claimants must be between 16 and Pension Credit age, work fewer than 16 hours a week, and have a reason why they are not actively seeking work (caring for a child under 5 years old or someone who receives a specified disability benefit). Lone parents Claimants can receive income support if they are a lone parent and responsible for a child under five who is a member of their household. A claimant is considered responsible for a child in any week if receiving child benefit for the child. Howeve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Housing Benefit
Housing Benefit is a means-tested social security benefit in the United Kingdom that is intended to help meet housing costs for rented accommodation. It is the second biggest item in the Department for Work and Pensions' budget after the state pension, totalling £23.8 billion in 2013–14. The primary legislation governing Housing Benefit is the Social Security Contributions and Benefits Act 1992. Operationally, the governing regulations are statutory instruments arising from that Act. It is governed by one of two sets of regulations. For working age claimants it is governed by the "Housing Benefit Regulations 2006", but for those who have reached the qualifying age for Pension Credit (regardless of whether it has been claimed) it is governed by the "Housing Benefit (Persons who have attained the qualifying age for state pension credit) Regulations 2006". It is normally administered by the local authority in whose area the property being rented lies. In some circumstances, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pension Provision In The United Kingdom
Pensions in the United Kingdom, whereby United Kingdom tax payers have some of their wages deducted to save for retirement, can be categorised into three major divisions - state, occupational and personal pensions. The state pension is based on years worked, with a 35-year work history yielding a pension of £185.15 per week. It is linked to wage and price increases. Most employees and the self-employed are also enrolled in employer-subsidised and tax-efficient occupational and personal pensions which supplement this basic state-provided pension. Historically, the "Old Age Pension" was introduced in 1909 in the United Kingdom (which included all of Ireland at that time). Following the passage of the Old-Age Pensions Act 1908 a pension of 5 shillings per week (25p, equivalent, using the Consumer Price Index, to £ in present-day terms), or 7s.6d per week (equivalent to £/week today) for a married couple, was payable to persons with an income below £21 per annum (equivalent to  ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Working Tax Credit
Working Tax Credit (WTC) is a state benefit in the United Kingdom made to people who work and have a low income. It was introduced in April 2003 and is a means-tested benefit. Despite their name, tax credits are not to be confused with tax credits linked to a person's tax bill, because they are used to top-up wages. Unlike most other benefits, it is paid by HM Revenue and Customs (HMRC). WTC can be claimed by working individuals, childless couples and working families with dependent children. In addition, people may also be entitled to Child Tax Credit (CTC) if they are responsible for any children. WTC and CTC are assessed jointly and families remain eligible for CTC even if where no adult is working or they have too much income to receive WTC. In 2010 the coalition government announced that the Working Tax Credit would, by 2017, be integrated into and replaced by the new Universal Credit. However implementation of this has been repeatedly delayed and will not be finished unt ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Self-employment
Self-employment is the state of working for oneself rather than an employer. Tax authorities will generally view a person as self-employed if the person chooses to be recognised as such or if the person is generating income for which a tax return needs to be filed. In the real world, the critical issue for the tax authorities is not whether a person is engaged in a business activity (called "trading" even when referring to the provision of a service) but whether the activity is profitable and therefore potentially taxable. In other words, the activity of trading is likely to be ignored if no profit is present, so occasional and hobby- or enthusiast-based economic activity is generally ignored by the tax authorities. Self-employed people are usually classified as a sole proprietor (or sole trader), independent contractor, or as a member of a partnership. Self-employed people generally find their own work rather than being provided with work by an employer and instead earn income from ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Salary
A salary is a form of periodic payment from an employer to an employee, which may be specified in an employment contract. It is contrasted with piece wages, where each job, hour or other unit is paid separately, rather than on a periodic basis. From the point of view of running a business, salary can also be viewed as the cost of acquiring and retaining human resources for running operations, and is then termed personnel expense or salary expense. In accounting, salaries are recorded in payroll accounts. Salary is a fixed amount of money or compensation paid to an employee by an employer in return for work performed. Salary is commonly paid in fixed intervals, for example, monthly payments of one-twelfth of the annual salary. Salary is typically determined by comparing market pay rates for people performing similar work in similar industries in the same region. Salary is also determined by leveling the pay rates and salary ranges established by an individual employer. Salary is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Institute For Fiscal Studies
The Institute for Fiscal Studies (IFS) is an economic research institute based in London, United Kingdom, which specialises in UK taxation and public policy. It produces both academic and policy-related findings. The institute's aim is to "advance education for the benefit of the public by promoting on a non-political basis the study and discussion of and the exchange and dissemination of information and knowledge concerning national economic and social effects and influences of existing taxes and proposed changes in fiscal systems." It is located in the Bloomsbury area of Central London close to the British Museum and University College London (UCL). History The institute was founded in response to the passing of the Finance Act 1965, by four financial professionals: a banker and later Conservative Party politician ( Will Hopper), an investment trust manager (Bob Buist), a stockbroker (Nils Taube), and a tax consultant (John Chown). In 1964, the then Chancellor of th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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