MSE Poll: Should the higher 40% tax band start at £50,000?
edited 30 November -1 at 1:00AM in Money Saving Polls
18 replies 3.1K views
Poll started 5 November 2019Currently, for most in England/Wales/Northern Ireland, you pay annual income tax like this (Scotland is a little different)
- Up to £12,500 is your tax-free PERSONAL ALLOWANCE.
- Above £12,500 and up to £50,000, the BASIC 20% tax is taken.
- Above £50,000 and up to £150,000, the HIGHER 40% tax is taken.
- Above £150,000, the TOP 45% tax is taken (and you've lost your personal allowance).
While there's a huge number of variables, if you could only move the 40% rate (41% in Scotland) to be fair to individuals and provide revenue for the nation, which of these is closest to where you'd place it?
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