The Tax on Your Salary - 2011-12
On January 9th 1799 the Prime Minister, William Pitt, introduced income tax to pay for the Napoleonic war at the swingeing rate of 0.83% for people earning £60 or more. How times have changed.
Austerity hits. Nothing much radical in the first ConLib budget, although NI contributions have gone up to help pay for the NHS. But was that already pencilled in from the last round. I can't remember!? In terms of income tax:
- The 50% tax rate stays for earnings greater than £150,000!
- Also, Mr and Mrs banker, if you earn more than £100,000 the revenoo will start eating away at your tax-free stuff
This calculator is based on the income tax rates and rules that came into force in April 2011.
Just key in your gross yearly income (that's the amount before tax), tick the other boxes if applicable and we'll calculate how much of your salary ends up in your pocket.
Disclaimer: We advise you to consult a specialist before making any major financial decisions.