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Are you better off? Income types

Are you better off? Income types

Search: The Budget and tax bands

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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:

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