Please contact for general WWTS inquiries by clicking name above. By submitting your email address, you acknowledge that you have read the Privacy Statement and that you consent to our processing data in accordance with the Privacy Statement. Income tax is charged at graduated rates, with higher rates of income tax applying to higher bands of income.
Tax is charged on total income from all earned and investment sources less certain deductions and allowances. In Autumn , it was announced that the current personal allowance and certain tax thresholds would be frozen until April This has been confirmed in the Autumn Budget Most individuals can claim a personal allowance, unless they are claiming the remittance basis see below or their income is over GBP , The net amount after allowances is usually referred to as an individual's taxable income.
The graduated rates of income tax vary slightly depending on whether the income is from earnings or investments. Income tax bands and rates for taxpayers resident in England, Wales, or Northern Ireland are as follows:. Note that dividends are always treated as the top slice of income and will be taxed at an individual's highest marginal tax rate see Dividend income in the Income determination section for rates specifically applicable to dividends.
The dividend allowance does not reduce total income for tax purposes. Individuals resident in Scotland pay Scottish Income Tax on employment income, pension income and most other taxable income, apart from dividend and savings income, which is taxed at the rates above, in line with the rest of the United Kingdom.
The income tax rates paid by trustees depend on the type of trust involved. The first GBP 1, of income arising to the trustees of accumulation or discretionary trusts is taxed at either 8.
