Wednesday, December 09, 2009
Calculating UK Tax
With this as a table, the following function call can be made from Excel
=IncomeTax(50000.0,TaxRates)
To calculate the tax paid. TaxRates is the range above.
The code for this is as follows.
Function IncomeTax(income As Double, rates As Range) As Double
Dim i As Integer
Dim tax As Double
tax = 0
For i = 1 To rates.Rows.Count - 1
tax = tax + Application.Min(income, rates.Cells(i, 1)) * rates.Cells(i, 2)
income = Application.Max(0, income - rates.Cells(i, 1))
Next i
IncomeTax = tax + income * rates.Cells(rates.Rows.Count, 2)
End Function
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