The Budget
Income tax is taken off every salary the FCA pays, and there are taxes on savings interest, dividends and gains from selling shares (except inside ISAs). It all goes to HM Treasury. The Chancellor of the Exchequer sets the rates in the Budget.
Treasury balance£47,759,709
All tax collected, all time£139,835
| Tax | Collected, all time |
|---|
| Income tax | £119,213 |
| Savings interest tax | £2 |
| Dividend tax | £11,292 |
| Capital gains tax | £0 |
| Stamp duty on shares | £3,599 |
Also paid into the Treasury, but not tax: FCA fines £0, Court fines and costs £0.
Income tax now
Salaries pay about 5% of a real year's salary every day, so in UKOGB one day is one tax year: every band and allowance is 5% of the real yearly figure, and pay runs are daily. Your pay in one pay run is taxed in slices: the first slice is tax free, and each slice above is taxed only at its own band's rate. These are the starting rates; no Budget has changed them yet.
| Band | Pay in one pay run |
|---|
| Personal allowance | up to £629 at 0% |
| Basic rate | £629 to £2,514 at 20% |
| Higher rate | £2,514 to £6,257 at 40% |
| Additional rate | over £6,257 at 45% |
What that means
The highest band your pay reaches in a day is your band for that day (basic if you weren't paid). It decides the rates and allowances below.
| Salary | Income tax | Take-home |
|---|
| £5,000 | £1,371 | £3,629 |
| £10,000 | £3,559 | £6,441 |
| £25,000 | £10,309 | £14,691 |
| £50,000 | £21,559 | £28,441 |
| £100,000 | £44,059 | £55,941 |
Savings, dividends, gains and ISAs
Allowances are per day (one tax year), from midnight to midnight UK time. Nothing inside a Cash ISA or a Stocks and Shares ISA is taxed. You can pay into ISAs up to the ISA allowance each day, across all your ISAs; taking money out doesn't give any allowance back.
Savings interest tax
| Tax-free interest a day, basic rate payers | £50 |
| Tax-free interest a day, higher rate payers | £25 |
| Tax-free interest a day, additional rate payers | £0 |
| Rate for basic rate payers | 20% |
| Rate for higher rate payers | 40% |
| Rate for additional rate payers | 45% |
Dividend tax
| Tax-free dividends a day | £25 |
| Rate for basic rate payers | 8.75% |
| Rate for higher rate payers | 33.75% |
| Rate for additional rate payers | 39.35% |
Capital gains tax
| Tax-free gains a day (annual exempt amount) | £150 |
| Rate for basic rate payers | 18% |
| Rate for higher and additional rate payers | 24% |
ISAs
| ISAs can be opened and paid into | On |
| ISA allowance a day (all of a member's ISAs together) | £1,000 |
Gift Aid
| Gift Aid is added to members' donations to charities | On |
| Gift Aid added on top of each donation | 25% |
Benefits
| Universal Credit is paid to members with no salaried job who claim it | On |
| Universal Credit per pay run | £240 |
Premium Bonds
| Premium Bonds can be bought and the monthly prize draw runs | On |
| Prize fund rate (a year, paid out monthly) | 4.4% |
Gilts: government borrowing
A gilt is a loan to the Government: buyers pay £100 a unit, the Treasury pays the coupon every week out of its balance, and pays the £100 back at the end. If the balance can't cover a payment, nothing is paid, the shortfall is recorded and the Chancellor is told; it is paid as soon as the Treasury can. The gilt market
Raised by gilts, all time£17,900
Still to pay back£17,900
Gilt interest paid, all time£26
Income tax by pay run
| Date | People paid | Salaries | Income tax |
|---|
| 6 November 2026 | 3 | £28,248 | £9,887 |
| 5 November 2026 | 2 | £20,178 | £7,197 |
| 4 November 2026 | 2 | £20,178 | £7,197 |
| 3 November 2026 | 4 | £65,373 | £25,652 |
| 3 November 2026 | 5 | £70,068 | £26,901 |
| 2 November 2026 | 5 | £79,458 | £31,049 |
| 1 November 2026 | 2 | £20,178 | £7,197 |
| 31 October 2026 | 2 | £20,178 | £7,197 |
| 30 October 2026 | 2 | £20,178 | £7,197 |
| 29 October 2026 | 2 | £20,178 | £7,197 |
Past Budgets
No Budget has been delivered yet.
