Labour's Tax Cuts are now in place

With effect from 01/10/08 Labour's tax cuts are in place.  For the 2008/09 tax year the following tax rates will apply:

$1- 14 $000	12.5%
$14,001 - $40,000	21%
$40,001 - $70,000	33%
$70,000 +	39%

For the whole of the tax year, the composite rate of tax will be:

$0 - $9,500	13.75%
$9,501 - $14,000	16.5%
$14,001 - $38,000	21%
$38,001 - $40,000	27%
$40,001 - $60,000	33%
$60,001 - $70,000	36%
$70,001 and higher	39%