3 ms·
no, wait, I did not mean that Italians wants to skip pension contributions, I said that that specific fund ("Gestione Separata") is a scam. In the UK the amoun
by oriettaxx 7y ago
no, wait, I did not mean that Italians wants to skip pension contributions, I said that that specific fund ("Gestione Separata") is a scam.
In the UK the amount of money that you have to pay for your pension is almost nothing (of course you have nothing in exchange, as a pension, but you are free to choose your own pensione scheme, mainly private)
So, once again: if an Italian working on IT moves to the UK, he will save 27% of his income, and (most of all) does not feel to be abused. :)
- raverbashing 7y agoThey probably won't save too much, as the final tax is around ~50% as well in the UK. Maybe they will save a bit, but not 27%
- ukoki 7y agoTake home pay on a £100,000 income (top-end London senior dev salary) is £66,532, so a 33.5% tax rate. This includes income tax and national insurance (healthcare and basic state pension) but not optional private pension contributions. For a £50k salary you are looking at 25% total tax rate. https://www.moneysavingexpert.com/tax-calculator/ https://www.moneysavingexpert.com/tax-calculator/
- raverbashing 7y agoThanks I stand corrected. The "higher rate" is 40% (+ NI) https://www.gov.uk/income-tax-rates https://www.gov.uk/income-tax-rates and the highest rate is 45%
- rlpb 7y agoIf you want to compare with other countries, NI can't be an afterthought. You have to include it in the income tax rate. Just because the UK doesn't call it an additional income tax doesn't stop it from being so. Edit: and along the same lines, you need to add the "employer's contribution" to the total tax bill. In all NI works out to an additional 15% or so for someone on ~£100000. So that's about 55% in total.