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Budget Calculator 2007
Are you a Budget winner or will your wallet soon feel lighter? Use our Budget calculator, developed by accounting firm KPMG LLP (UK), to find out how the Budget will affect you during the financial year starting in April 2007. However, the chancellor’s most eye-catching change, cutting income tax by 2p while abolishing the 10% tax band, will not come into effect before 2008, and the Treasury has not provided all necessary details. Therefore our calculator can not yet reflect the proposed changes to the income tax regime. Please remember: the tax system is complex and our tax model can only give an indication of the Budget’s impact. Finally, your personal data are safe, because all calculations will be carried out on your computer. For full Budget coverage visit here. The Budget proposals and other tax changes are summarised in this application. The proposals may, however, be amended significantly before enactment. The content of this application is intended to provide a general guide to the subject matter and should not be regarded as a basis for ascertaining liability to tax or determining investment strategy in specific circumstances. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. Your browse does not appear to be able to run the Budget calculator.
For general guidance, please read our Q&A on: The calculation of whether you are better or worse off from the budget is a complicated one, based on many variables such as how much you earn, your family circumstances and whether you drink, smoke or drive. We have taken five example families to see whether they will be better or worse off in the coming year. These examples do not take account of the changes to income tax, which do not take effect until April 2008. A single pensioner aged 70 on an annual income of £7,500 who takes one short-haul flight a year will be £188 per year better off. A married couple with one child, one parent working full time, one part time, combined income of £50,000, one band E car, using 15 litres of fuel a week and drinking a couple of glasses of wine and beer each per week will be £260 per year better off. A childless co-habiting couple who both work and have a combined income of £60,000 a year, taking two short-haul and two long-haul flights a year, owning two cars one of which is a 4x4 and who drink and smoke will be £100 a year worse off. A single parent with two children, earning £8,000 a year and driving a small car will be £238 better off. A single person with no children, with an income of £12,000 a year, who takes one short-haul flight, drives a fuel-efficient car, smokes 100 cigarettes and drinks 10 pints of beer a week will be £21 per week worse off.
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