Income tax rates and allowances
For 2024/25, income tax rates and thresholds remain frozen at their 2023/24 levels.
After your tax-free ‘personal allowance’ has been deducted, your remaining income is
taxed in bands in 2024/25 as follows.
‘Other income’ means income other than from savings or dividends. This includes
salaries, bonuses, profits made by a sole trader or partner in a business, rental income,
pension income and anything else that is not exempt.
So what? Without inflationary increases to the income tax bands, the Chancellor is
effectively imposing an income tax increase; as wages and earning rise and a larger
proportion falls into higher tax bands. This is known as ‘fiscal drag’.
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