Income tax changes explained and who will benefit ⬇️ The controversial move will only affect those who earn over £150,000 a year, helping them take home more of their pay packet.
At present, people must pay 45 per cent income tax on all earnings over £150,000.
It means that on all earnings between £12,571 and £50,270, people will only have to pay 19 per cent income tax, rather than the current 20 per cent.The Government said the move to scrap the 45 per cent tax rate “is designed to attract the best and the brightest to the UK workforce, helping businesses innovate and grow”.– while making no difference to lower-income households.
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