Taxable Income Uk
Question: Income Tax allowances – UK?
Simple question about the tax bands,
Starting rate: 10% £0-£2,230
Basic rate: 22% £2,231-£34,600
Higher rate: 40% Over £34, 600Does a person who earns say £40,000 pay 40% on all their Taxable Income or just the amount over the £34,600 band?
Thanks.
Answer: Chances are he wouldn’t pay any at 40%
First you get a personal allowance which comes off your income, then the various bands apply. The rates you have quoted are for 2007/08 when the personal allowance was £5,225. So the man on £40,000 would have tax applied to £40,000 – £5225 = £34,775. He’d pay 10% tax on £2230 and 22% tax on £32,545.
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