Feb 1st: USC Band Changes

Sconeandjam

Registered User
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40
Thanks for the reminder.
USC was brought in the help during the recession. When will they get rid of it? You pay this before you have even earned a penny. Then new rates for self employed.
Election candidates will be at the door. Thus is the first thing I will be asking about.
Will also be asking about the insurance levy due to Quinn fall out.
 

Protocol

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2,993
The USC replaces two previous taxes - the Health levy and the Income levy.

The Health levy had existed for many years, so in that respect, the USC is not an extra tax.
 

Sconeandjam

Registered User
Messages
40
The USC replaces two previous taxes - the Health levy and the Income levy.

The Health levy had existed for many years, so in that respect, the USC is not an extra tax.
Oh yes I forgot about that. Thanks for reminder.
Big difference was health levy and income levy the amount was 1% up to 100k and the other is 2% up to 100k. So that is around 3k.
The USC has staggered levels of charge so if you earn up to 100k you will pay around 7k or 8k. These are only very rough calculations. Big difference in the amount handed to the government purses.
FG did said before last election that they will be abolish it. Suppose after looking at the amounts handed to the government coffers I will not hold my breath.
 
Last edited:

mojoask

Frequent Poster
Messages
95
...The USC has staggered levels of charge so if you earn up to 100k you will pay around 7k or 8k. These are only very rough calculations....
You'll pay about 5k in USC on an income of 100k. To pay 8k, you'd need to be earning 140k. Point taken though, it's a significant earner, and also in no short part due to the very few reliefs available on it (can't offset pension contributions etc). I strongly suspect that's why it's still with us, and likely to stay that way.
 
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