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In the UK you pay a flat 40% over around £45k, no ambiguity whatsoever, then 45% over £150k. Not exactly millionaire status.
by benjaminwootton 5y ago
In the UK you pay a flat 40% over around £45k, no ambiguity whatsoever, then 45% over £150k. Not exactly millionaire status.
- Nextgrid 5y ago150k sounds very low when you take into account this tax rate and the property prices in London.
- ben_w 5y agoLondon property is considered abnormally expensive in the U.K., and £150k is only slightly less than the £157k which the Prime Minister earns. Median U.K. income is £29,400: https://en.wikipedia.org/wiki/Income_in_the_United_Kingdom https://en.wikipedia.org/wiki/Income_in_the_United_Kingdom
- zelos 5y agoTo be fair, though, the prime minister's salary is generally a drop from whatever job they would be doing instead (making no comment on whether that's right or wrong). Same with judges, I believe.
- zelos 5y agoYou also lose your personal allowance between £100-125k, which bumps up the effective tax rate.