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U.S. tax reform May cause israel to drop key investment law

U.S. tax reform May cause israel to drop key investment law

WASHING TON: Data for 2015-16 shows that the average taxpayer in Horsham brought in £41,100 over the year, with some taxed on a combination of income from regular jobs, self-employment and pensions. It means that the average total income for taxpayers in the area was 23% higher than the UK average of £33,400. The HMRC data only includes those who pay income tax. As the tax-free personal allowance increased from £6,475 in 2010-11 to £10,600 five years later, an estimated 3,000 fewer workers were taxed in Horsham in 2015-16. With fewer people on lower paid jobs included in HMRC’s most recent data, average earnings went up by £7,500 at the end of the five-year period. Taxpayers in Horsham paid an average £7,960 in income tax over 2015-16. With 77,000 people taxed in the area, it amounted to a total contribution of £613 million to government coffers.

The average income of taxpayers in Horsham was higher than across the South East, where the mean was £37,900. The majority of taxable income came from paid employment. In addition, 8,000 people paid tax on money earned through self-employment, including those who work for themselves full-time or who run a business alongside a main job. The London borough of Kensington and Chelsea had the UK’s highest average income, with 74,000 taxpayers making an average of £178,000.