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Is the 40% income tax band changing this year?
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ymakesmile
Posts: 505 Forumite
Hi there, I am hoping someone can help. My partner has just been told by a work colleague that from april the 40% tax rate will change from those earning from £50,271 down to £37,000 and something? Is this right? I hadn't heard anything about it and it seems rather surprising to me. Thank you!
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It is incorrect. The £37,000 figure is an approximation of the amount chargeable at basic rate tax, that is after the personal allowance of £12,570 has been taken into account.1
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Super thanks! That makes total sense now.Jeremy535897 said:It is incorrect. The £37,000 figure is an approximation of the amount chargeable at basic rate tax, that is after the personal allowance of £12,570 has been taken into account.0
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