8 Year money

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

Welcome to the Army Rumour Service, ARRSE

The UK's largest and busiest UNofficial military website.

The heart of the site is the forum area, including:

  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)

    Cheers
     
  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.

    Litotes
     
  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?