Income Tax Announcements
The Starter (19 percent) and Basic (20 percent) rates of income tax on relevant income will remain unchanged, but the bands of income to which the Starter and Basic rates apply will each increase by the rate of inflation from 6 April 2024.
The Higher (42 percent) rate of income tax on relevant income will also remain unchanged, as will the threshold from which the Higher rate is payable, but a new Advanced (45 percent) rate of income tax will apply to relevant income above £75,000 up to the Top rate threshold.
The Top rate of income tax will continue to apply to relevant income above £125,140, but will increase from 47 percent to 48 percent from 6 April 2024.