[wɛlʃ reɪts ɒv ˈɪnkʌm tæks]
Welsh Rates of Income Tax are the Income Tax rates set by the Welsh government. For the 2023/24 Tax Year, they are the same as the Income Tax rates in England.
Welsh Rates of Income Tax are the Income Tax rates that apply to people who live in Wales. Since 6th April 2019, the Welsh Parliament have had the ability to change part of the Income Tax that Welsh Taxpayers pay. Earnings from savings and dividends are still taxed under the main UK rates.
Income Tax must be paid on any income earned above the Personal Allowance. For the 23/24 tax year, Basic Rate (£12,571 - £50,270) is at 20%, Higher Rate (£50,271-£125,140) is at 40% and Additional Rate (£125,141+) is at 45%. You can lose your Personal Allowance as your income increases.
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