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Nope, you pay tax on the full amount. Each taxpayer has a personal allowance (currently £11,000 generally, but this varies) on which no tax is paid; a rate of 2
by matthewmacleod 10y ago
Nope, you pay tax on the full amount. Each taxpayer has a personal allowance (currently £11,000 generally, but this varies) on which no tax is paid; a rate of 20% applies to income between £11,000 and £42,000, a rate of 40% on income between £42,000 and £161,000, and a rate of 45% above that.
- deleted 10y ago[deleted]
- youngtaff 10y agoDon't forget you start to lose the personal allowance at 100k, so someone earning earn between 100k and ~122k has a top rate of 60%