Top income tax rate falls to 45%
A raft of government changes to tax reform come into effect from today, including a cut in the top rate of income tax from 50p to 45p.
New tax reforms come into effect today
The Government's new tax reforms come into effect today, here's a run-down of the main changes:
- The largest rise in personal allowance, which means that no one pays any tax until they earn more than £9,440 per year.
- The higher rate personal allowance threshold is to fall to £41,450.
- The top rate of income tax will fall from 50p to 45p.
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