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Income tax rateMailOnline
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78% Informative
Income tax makes up the largest portion of the taxes people will pay over their lifetimes.
It is the UK Government's biggest tax source of revenue, accounting for 25% of UK tax receipts last year .
As people earn more they pay a higher rate by stepping up three bands: 20% , 40% and 45% .
But some people get caught by a tax trap that means they pay 60% rate.
The freeze on income tax thresholds has created a colossal stealth tax raid in recent years .
As wages tend to rise over time, it means that more low earners are caught in the tax net.
The frozen basic rate threshold, currently 12,570 , drags more people into paying income tax.
By 2027/28 tax year 8.9million taxpayers will pay higher rate taxes, compared to 7.4million now.
The personal savings allowance is the total amount of interest you can earn from your savings before paying tax.
It is 1,000 for basic rate taxpayers, 500 for higher rate taxpayers and zero for additional rate taxpayers.
VR Score
87
Informative language
90
Neutral language
58
Article tone
informal
Language
English
Language complexity
34
Offensive language
not offensive
Hate speech
not hateful
Attention-grabbing headline
not detected
Known propaganda techniques
not detected
Time-value
medium-lived
External references
10
Source diversity
8