Everything About Income Tax and Personal Allowances in the UK



Tax is a difficult subject to grasp, especially if you're not well-versed on all things tax-related. To enlighten you a bit about income tax rates or personal allowances, we've come with the most layman discussion possible.

If you are seeking a specific explanation of income tax rates and personal allowances in the UK, you can always contact a regulated tax expert.

Ready? Read on.

Income Tax rates

Once your personal earnings exceed your personal allowance, the excess becomes taxable. To compute your taxable income, subtract your personal allowance and your allowable deductions from your gross income.

Your gross income is the sum of your income from all sources, such as your rental income or your income from your investments. On the other hand, your allowable deductions are your contributions, for example, to a pension scheme.

Income tax rates are calculated depending on your taxable income.

Tax bands since 2017 are slightly different in Scotland compared to the rest of the European countries.

The income tax rates and bands in England, Wales and Northern Ireland for 2020 to 2012 are the same:

Taxable income

Tax rate

Notes

£0 - £37,500

20%    

Basic rate tax

£37,501 - £150,000

40%

Higher rate tax

£150,001 or more

45%

Additional rate tax

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