Indonesia has a series of progressive sliding rate taxes for all categories.
The number of people who had their poor rate taxes waived peaked in 1848.
Similar to covenant payments, the gift is made net of basic rate tax.
A flat rate tax will put many accountants & civil servants out of a job so can't be all that bad.
You may have higher or additional rate tax to pay that hasn't been collected through your tax code.
Your pension provider will claim back standard rate tax at 20 per cent.
Provided the gift is at least £600 it will be regarded as having been paid net of basic rate tax.
If you're getting a purchased life annuity it's probably being paid to you after basic rate tax has been taken off.
The basic rate tax is deducted from the interest at source.
It would make more sense for everyone to be entitled to them, but only at basic rate tax.
