Aye.. It's a tough tax bracket.
To clarify, this is called the "£100k tax trap"
The quoted 69.5% is only on the income between £100 and £125k. This is due to simultaneous reduction of personal tax allowance between those income figures.
Tax drops back down to 45% above £125k.
In England the tax trap is 60%.
A common way to avoid the tax trap is to put anything above 100k into your pension, tax free. Only when you earn above £130k it's worth suffering the tax trap.
⚡ Dee Kay ⚡🇸🇪🇬🇧🇨🇿🇧🇷🇦🇹
npub1e2…n3eef
2023-12-20 09:16:14
in reply to nevent1q…va7f
Author Public Key
npub1e2yuky03caw4ke3zy68lg0fz3r4gkt94hx4fjmlelacyljgyk79svn3eefPublished at
2023-12-20 09:16:14Event JSON
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