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Budget - 2008

Are you better off? Income types

Family with baby

Are you better off? Income types

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Has the budget actually made you better off? What people often don't realise is that not all changes due to take place are announced in the Budget speech given by the Chancellor. A good number are only released in the small print after.

For example, in the 2007/2008 tax year no one pays tax on the first £5,225 of earnings (known as the 'nil-rate' band). But in the 2008/2009 tax year, this will increase by £210, making a good many of us fractionally better off.

From a young couple with a baby, to older retirees, here are a number of income 'types' and what the Budget means for them in terms of their annual wealth:

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Single person, no children
Gross income Net income pre-budget Net income post-budget Tax credits '08/'09 NI '08/08 Monthly gain loss 08/09
10,000 9,356 9,726 1,139 499 31
25,000 18,739 18,938 - 2,149 17
35,000 25,455 25,838 - 3,249 32
45,000 32,224 32,521 - 3,853 25
Single person, one child
Gross income Net income pre-budget Net income post-budget Tax credits '08/'09 NI '08/08 Monthly gain loss 08/09
10,000 13,446 14,126 5,539 499 57
25,000 19,284 19,483 545 2,149 17
35,000 26,000 26,383 545 3,249 32
45,000 32,769 33,066 545 3,853 25
Couple, both earning
Gross income Net income pre-budget Net income post-budget Tax credits '08/'09 NI '08/08 Monthly gain loss 08/09
15,000 14,206 14,546 959 499 28
25,000 20,728 20,625 - 1,549 -9
35,000 27,428 27,525 - 2,649 8
50,000 37,478 37,875 - 4,299 33
Couple, one earner, two children
Gross income Net income pre-budget Net income post-budget Tax credits '08/'09 NI '08/08 Monthly gain loss 08/09
10,000 15,291 16,211 7,624 499 77
25,000 19,791 20,711 1,774 2,149 77
35,000 26,000 26,383 545 3,249 32
45,000 32,769 33,066 545 3,853 25
Self-employed
Gross income Net income pre-budget Net income post-budget Tax credits '08/'09 NI '08/08 Monthly gain loss 08/09
10,000 9,387 9,741 1,139 485 29
25,000 19,221 19,402 - 1,685 15
35,000 26,232 26,602 - 2,485 31
45,000 33,000 33,436 - 2,938 36
Single pensioner, 75 or over
Gross income Net income pre-budget Net income post-budget Tax credits '08/'09 NI '08/08 Monthly gain loss 08/09
10,000 9,759 9,836 - - 6
15,000 13,659 13,863 - - 15
20,000 17,559 17,836 - - 23
30,000 24,817 25,087 - - 22
Pensioner couple, 65 to 74
Gross income Net income pre-budget Net income post-budget Tax credits '08/'09 NI '08/08 Monthly gain loss 08/09
10,000 10,000 10,000 - - 0
20,000 19,546 19,743 - - 16
30,000 26,324 26,295 - - -2
45,000 37,988 38,225 - - 20

CommentsPlease login to leave a comment or report a post

Added: 31 March 2008 13:59
james says:
this government are a penny pinching load of toffs , who have their snouts in the troff.making their beds for their own retirement. brown the unelected leader , as far as i can see "couldnt organise a xxxx up in a brewary' thats the polite saying. i will not vote labour . i cant wait for the election
Added: 30 March 2008 04:54
Mike, Berkshire says:
I am a pensioner, thankfully recieving a pension from my employers and my wife is recieving the Old Age Pension from the government. No mention is ever made of this situation but the country has a large number of people who are managing under these circumstances. I agree with S. McKee (comment was sent 21 March) why no follow up? This suggests that you are listening to us as much as this government is. i.e. We don't care.
Added: 21 March 2008 11:52
S.McKee says:
How are a couple with no income other than old age pension,better or worse? One of couple is 79 other will be 80 in August. Seems these are the forgotten people as no mention is ever made of their situation.
Added: 18 March 2008 15:58
Gordon says:
How much more in debt is a couple over 75yrs with this goverment's budget. Council tax double in 10yrs domestic fuel oil trebled ( ) in price in 5 years the list goes on. Also as above wheres the table for over 75's
Added: 17 March 2008 10:00
Chris says:
What about pensioner over 75, paying maintenance to ex wife, therefore with married allowance, income over £25,000, with wife aged 65 this year, earning/pensions of £14,000? Should be better off, but who can tell with Chancellors Darling/Brown
Added: 16 March 2008 17:09
Ellie says:
What about couple , one earner , four children is this the same as couple , one earner , two children ? Could somebody please let me know as not very good at understanding the budget very well Thank you.
Added: 16 March 2008 09:39
Bruce Peeke says:
Why no table for Pensioner Couple over 75?

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