What are the current Income Tax rates and bands?
The Personal Allowance currently covers taxable income up to £12,500. It has a tax rate of zero percent.
At the moment, the Basic rate band applies to taxable income of £12,501 to £50,000. The tax rate applied to taxable income in this band is 20 percent.
Taxable income between £50,001 and £150,000 fits into the Higher rate band – with this rate being 40 percent.
Additional rate taxpayers pay a rate of 45 percent on taxable income that is over £150,000.
Those who have a taxable income of more than £125,000 don’t get a Personal Allowance.