40% tax threshold

[toonsy]

The threshold to start paying 40% tax on income has been lowered from £50,000 currently to £37,701 from April.

Only mentioning it because yesterday was the first time I was made aware of it so thought others might be I the same boat.

Potential to drag a lot of people into the higher tax bracket.

[stuwozere1]

You have not added your personal allowance of £12,570. 40% is payable on all earnings above £50,270

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[Conor]

The threshold to start paying 40% tax on income has been lowered from £50,000 currently to £37,701 from April.

Only mentioning it because yesterday was the first time I was made aware of it so thought others might be I the same boat.

Potential to drag a lot of people into the higher tax bracket.

I saw that posted on Facebook yesterday, it was posted by someone who clearly didn't understand how tax brackets work. The 40% threshold starts at £37,701 above your personal allowance so as stuwozere1 posted, at £50270.

[toonsy]

Ah yeah forgot about that

[ETS]

The threshold to start paying 40% tax on income has been lowered from £50,000 currently to £37,701 from April.

Only mentioning it because yesterday was the first time I was made aware of it so thought others might be I the same boat.

Potential to drag a lot of people into the higher tax bracket.

Fake news, lol.

Edit: Oh, it was on Facebook - it must be true, then.