4 ms·
Not to be a dick but what's your source on that? I understood it to be 40% up to 150k, not 60% as per https://www.gov.uk/guidance/rates-and-thresholds-for-empl
by mr_gibbins 5y ago
Not to be a dick but what's your source on that? I understood it to be 40% up to 150k, not 60% as per https://www.gov.uk/guidance/rates-and-thresholds-for-employers-2021-to-2022 https://www.gov.uk/guidance/rates-and-thresholds-for-employe...
- mmarq 5y agoIn the UK you don’t pay taxes on the first 12500£ you earn in a tax year. This is the income tax allowance. For each 2£ you earn above 100K, your income tax allowance is reduced by 1£. At 125K, your allowance reaches 0. The result is that between 100K and 125K your marginal tax rate is 60%. At 125K it goes back to 40%.
- mr_gibbins 5y agoWow - thank you for this, TIL.