2020/21 | 2019/20 | 2018/19 | |
---|---|---|---|
Single person | £12,500 | £12,500 | £11,850 |
2020/21 | 2019/20 | 2018/19 | |
---|---|---|---|
Basic tax rate | 20% | 20% | 20% |
Income taxed at basic rate |
£37,500 | £37,500 | £34,500 |
Income taxed at higher rate of 40% if income more than |
£37,500 plus personal allowance | £37,500 plus personal allowance | £34,500 plus personal allowance |
Income taxed at additional rate of 45% if income more than |
£150,0001 | £150,0001 | £150,0001 |
1 Personal allowance is reduced by £1 for every £2 earned over £100,000
2 Assumes the individual is in receipt of the standard UK personal allowance.