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Being taxed 40% from £37,701-£125,140

Answer
Ali Khan
Posted Thu, 04 Apr 2024 06:56:20 GMT by Ali Khan
Hi, Why am I taxed 40% from 37,701? Should it not be from £50,271?
HMRC Admin 32 Response
Posted Mon, 15 Apr 2024 09:55:28 GMT by HMRC Admin 32 Response
Hi,

The £37700 is taxable income after your persoan allowance £12570 so to pay tax at the higher rate your gross income would need to be above £50270.

Income Tax rates and Personal Allowances

Thank you.

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