Money Saving Expert Martin Lewis has been asked by people about a change to income tax bands for England and Wales
Martin Lewis, the founder of Money Saving Expert, has addressed widespread confusion over a perceived change in income tax rates. He revealed that he has been flooded with queries about an apparent alteration to the income tax bands for England and Wales.
Those earning above the threshold for the higher income tax band would need to pay 40% tax on every £1 above the threshold, rather than 20%, and also see their Personal Savings Allowance reduced to just £500. However, the website's display is causing confusion, as it already subtracts the £12,570 Personal Allowance.
He noted that although the system varies in Scotland, where the higher rate begins at £43,662, 'similar principles apply'.
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