2010 UK General Election; "And The Winner Is..."

Errmmm........................... No-one, really. Oh dear.

The results of the 2010 UK General Election are in, and no clear winner has emerged. For a political party to have been declared victorious and acquire governmental power, it had to win the majority of parliamentary seats that were up for contention. In this election 326 was the target number of seats needed to win. The Conservative party won the most seats of all parties; followed by Labour and then the Liberal Democrats. However, the Tories fell short of getting the magical 326 seats to rule Britannia:

• Conservatives ------------------------------306 seats (36.1% of all votes)

• Labour ---------------------------------------258 (29.0%)

• Liberal Democrats ------------------------57 (23.0%)

• Democratic Unionist Party -------------8 (0.6%)

• Scottish National Party ------------------6 (1.7%)

• Sinn Fein ------------------------------------5 (0.6%)

• Plaid Cymru --------------------------------3 (0.6%)

• Social Democratic & Labour Party ---3 (0.4%)

• Green Party ---------------------------------1 (1.0%)

• Alliance Party ------------------------------1 (0.1%)

• Others ----------------------------------------1 (6.9%)

(As the above data shows, the Tories didn't win the majority share of seats needed to get into power; let alone get the majority share of votes cast i.e. 50%+1 vote. For more info about the unfair voting system used in the UK General Election please read the earlier AYTD post "Paradiiiiiiiiiigm Baaaarrrr...".)

Because no party got the majority of parliamentary seats the UK is now in a phase known as a Hung Parliament. This means that there is a brief period (25 May) of time for the parties to negotiate with each other in order to work together and form a coalition government. In the meantime Gordon Brown is a caretaker Prime Minister of sorts, and remains in place at 10 Downing Street. If a partnership of parties is made then they must ask for approval from the Queen to go ahead and govern over the land. As things stand the most likely coalition to be established will be led by the Conservatives and co-operate with the Lib Dems.

Will a coalition government be formed before 25 May (when the Queen's Speech is due to set out the government's priorities during the Parliament) or could a new election be on the cards? Only time will tell...

Do you know the electoral results of your local constituency seat? Find out via the BBC's coverage of the Election.

It's Here; 2010 UK General Election

"X" marks the spot - where will yours go?...

Are You Paying The Right Amount Of Income Tax?

In the UK; the tax year runs from April 6 until April 5. If you are in employment you should receive a tax certificate (known as a P60) from your employer around the April-May period (if you have more than one job you should receive a P60 from each employer). The P60 certificate shows the total amount of income you have earned with that employer in the year and the corresponding amount of income tax you should have paid.

You should only be paying income tax if you have earned more than what's known as the Earnings Threshold (ET); this is also known as the Personal Allowance. For the past tax year of 2009-2010 and this new tax year of 2010-2011 the earnings threshold is £6,475. If you earn more than £6,475 in a year then you should be paying income tax; at one of three rates -

Any income up to £37,400 will be taxed at 20%
Any income between £37,401 and £150,000 will be taxed at 40%
Any income over £150,001 will be taxed at 50%

Take for example a single male that works as a retail manager, earning £30,000 a year - this person should be paying income tax at a rate of 20% of what has been earned over the earnings threshold/ personal allowance:

Income tax=

• = £30,000-£6,475
• = £23,525
• = 20% of £23,525
• = £4,705

Usually your employer should deduct the income tax from your pay regularly, therefore the amount of income tax paid should be correct - and thus you wouldn't be entitled to a tax refund/rebate. If you are self-employed, you must register yourself as so to the HMRC if you haven't already; then you have to fill out a tax return form to work out the amount of income tax you may be liable for paying. For more info about self-employed income tax; go here.


There are different thresholds/allowances that apply depending upon your circumstances, such as if you are in a married couple, working over age of retirement, if you have a certain disability etc. These conditions are what determines the tax code your earnings is assessed on. The general tax code for the past tax year of 2009-2010 and this new tax year of 2010-2011 is 647L (this should be the code for the example of the single male above). Please go here for more about tax codes. If your circumstances change then you should tell your employer as soon as possible so they can adjust your tax code and subsequent income tax deductions accordingly.

You can work out your income tax by going to the official HMRC tax calculator.

If you are unsure whether you have paid the correct amount of income tax, or are wondering if you are entitled to a tax refund/rebate, then contact your local tax office.

Please note that the P60 certificate relates mainly to income tax; for other matters such as VAT or National Insurance please visit their respective areas on the HMRC's site.

Dire Straits - "Money For Nothing"

The O' Jays - "For The Love Of Money"

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