United Kingdom income tax law for 2024 United Kingdom Income Tax Rates for 2024

United Kingdom Income Tax Brackets

Tax Bracket (yearly earnings) Tax Rate (%)
£0 - £37,400 20.00%
£37,400 - £150,000 40.00%
£150,000 and up 50.00%

United Kingdom has a bracketed income tax system with three income tax brackets, ranging from a low of 20.00% for those earning under £37,400 to a high of 50.00% for those earning more then £150,000 a year.

How does the United Kingdom Income Tax compare to the rest of the world?

The maximum income tax rate in United Kingdom of 50.00% ranks United Kingdom as one of the ten highest taxed countries in the world. Countries with similar tax brackets include Netherlands with a maximum tax bracket of 52.00%. Keep in mind that our ranking measures only nationwide income taxes, and does not account for local income taxes at state, province, or municipal levels.

United Kingdom Income Taxes
Maximum Income Tax Income Tax Allowance World Tax Rank
50.00% £6,475 ($0 USD) 2nd of 34

What is the United Kingdom Income Tax?

United Kingdom's personal income tax is a bracketed income tax that must be paid yearly by all citizens to the government of United Kingdom. Failure to pay, or underpayment of, the United Kingdom income tax can result in high fees, fines, or jail time.

In addition to United Kingdom's income tax, other taxes may apply to wages or profits earned, including social services, medical care, and capital gains taxes.

United Kingdom Income Tax Allowance

United Kingdom provides most taxpayers with an income tax allowance of £6,475, which can be kept as a tax-free personal allowance. United Kingdom's tax credit is a basic (fixed) tapered tax allowance available to all (single) taxpayers without dependents.

A tax credit is a fixed amount of money that may be kept by taxpayers without paying any income taxes. Generally, a tax credit is subtracted from your gross income before your taxable income is calculated.

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