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Posted on 04 Nov 2020
Currently in the UK (separate taxation tiers for Scotland) you begin to lose your ‘personal allowance’ if your income exceeds £100,000pa.
The current annual allowance (the tax free allowance of how much anyone can earn before having to pay income tax) in the current tax year 2020/21 is £12,500. This allowance is reduced by £1 for every £2 of net adjusted income above the £100,000 mark; meaning the allowance is entirely lost for income exceeding £125,000.
From here an individual may begin to pay a considerable amount of income tax.
Standard income tax rates are below (for England, Wales & N. Ireland):
If your earnings venture into territory exceeding £100,000 the loss of personal allowance can result in an effective tax rate of almost 60%.
A qualified adviser can assess your financial situation, and where appropriate the personal allowance can be ‘reclaimed’ via pension contributions.
Contact us to find out more:
+44 (0) 20 7220 1666 | enquiries@whirelandwm.com
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This website is aimed only at persons with professional experience of participating in investments and any other person who visits this website should not rely upon it. Services referred to within this site are not available to US persons.
The services referenced within this website should not be regarded as an offer nor a solicitation for such services in any jurisdiction where such activity is unlawful.
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Every effort has been made to ensure the accuracy of the financial information herein but it may be based on unaudited figures, which cannot be guaranteed to be accurate. Past performance is not a guarantee of future performance. The price of shares can go down as well as up and may be affected by changes in rates of exchange. An investor may not get back the amount invested.
This website is aimed only at persons with professional experience of participating in investments and any other person who visits this website should not rely upon it. Services referred to within this site are not available to US persons.
The services referenced within this website should not be regarded as an offer nor a solicitation for such services in any jurisdiction where such activity is unlawful.
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