Jan 5, 2024
National Insurance calculator: What will I pay and how is tax changing?
The freezes will create 3.2 million extra taxpayers by 2028, and 2.6 million more people will pay higher rates of tax. According to the IFS, by 2027-28 an employee earning £35,000 "Will be paying about £440 a year more in direct tax overall as a result of all the changes to income tax and NICs since 2021". The basic rate of income tax is 20% and is paid on earnings between £12,571 and £50,270 during the tax year, which runs from 6 April to 5 April the following year. The Scottish government estimates that 114,000 people will pay the new advanced tax rate and a further 40,000 the top rate. For most families, income tax is the single biggest tax.
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