Cost of living: National Insurance rise starts to hit pay packets
The Prime Minister says it is fair for some to face an extra tax burden to pay for health and social…
If a pay rise takes somebody from below £12,570 a year to above, then they will start paying income tax at 20% on the amount above £12,570. A shift in salary from below £50,270 to above means paying the higher rate of 40% on the amount above £50,270. The next threshold is at £150,000, when the additional tax rate of 45% kicks in.
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