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How much does the goverment take away?

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
Say i managed to get £500,000 how much of that money will go to the goverment and what will i be left with?

Comments

  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Depends where the money came from and what it was for... payment, a gift, inheritance, etc?
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    If you were earning it the government would take 38% off you, or £190,000. Plus a further £8000 for NI.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Depends where the money came from and what it was for... payment, a gift, inheritance, etc?

    :yes: If you won the money (lotto etc) then you wouldnt have to pay the government anything. The source of the money will really determine on what or any tax you may have to pay.
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