8 Year money

Discussion in 'Army Pay, Claims & JPA' started by Dollsteeth, Feb 20, 2010.

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  1. Anyone know how much you get after tax for 8 year money?
    (I'm on the scheme where you receive 5 grand-odd gross)

  2. I got mine today, £3097???????????????

    2k tax cant be right surely?
  3. That depends upon your tax code and your salary.

    £2k + £3097 = £5097.

    2000/5097 = 39.2%.

    Assumption (dangerous thing...): you are a 40% taxpayer or this payment has just turned you into a 40% taxpayer.

  4. To be fair I thought it would be about £3500-ish but thats still better then what people on the slightly older scheme got, mate received his t'other month and IIRC only got £1800.
  5. You'll get hit with super tax the month you receive the money as to the tax man it looks like you earn a huge salary but the following month you will pay considerably less tax which is in effect a reimbursement of what you over payed.

    Confused? I was when it happened to me!
  6. Ok so just to clarify, the month I get the bonus the amount will be small due to higher then usual tax, but the next month my normal wage will be more because I will be taxed less? Is this correct?
  7. 40% tax is from about £41k isnt it tho?

    Im on £28400 basic so nowhere near 41k even with this bonus.
  8. dry your eyes princess at least you got a fucker
  9. You know what they say in Kentucky....
  10. A little urban myth which occasionally pops up suggests that the 3/5/8 year retention bonuses are deducted from our pensions later down the line. (Never heard this from a clerk though.)

    Any truth in this?
  11. Not deducted from your Pension.

    What I heard was that in the olden days when NOTENG was the norm and you could sign from 3/6/9 length of service, and you received Scale A/B/C rates of pay.

    When OPEN engagement became the norm you could then get your 5 & 8 year money, which was basically the money you used to get for your Scale A/B/C rate of pay saved up and given as 1 lump sum.

    No idea how they manage to roll all that up to £15000 at your 8 year point now though 8O
  12. Spot on
  13. 3800 after tax for me
  14. I think some people are going to be very dissappoint with what they have left after tax from their 15k especially if they have done well and got promoted a few times, are on the higher payband and have just done a tour.
  15. Yeah about £9000 if they hit the higher tax band i think?