What is the higher tax bracket? Big Brother housemates talk about money
While Jenkin expressed that he was uncomfortable discussing the topic, Kerry was keen to join in the discussion with others.
She told housemates that her leadership role in the NHS put her in the higher tax bracket.
Big Brother Viewers said she would “complain” about falling under that tax bracket, but what does that mean?
What does it mean to be in the highest tax bracket?
According to the Government websiteThese are the “rates of tax you pay in each band if you have a standard allowance of £12,570”.
This is the amount you can earn before you need it pay taxes.
For those living in Scotland, these income tax bands are different.
Personal permission
- Taxable income: up to £12,570
- Tax rate: 0%
Base rate
- Taxable income: £12,571 to £50,270
- Tax rate: 20%
Higher rate
- Taxable income: £50,271 to £125,140
- Tax rate: 40%
Additional price
- Taxable income: over £125,140
- Tax rate: 45%
Tariffs and bands without personal allowance can also be found on the government website.
The personal allowance is not available for taxable income over £125,140.
Further information can be found on the government website.
