UHY Ross Brooke Chartered Accountants

Tag: 60% tax

60% tax trap

Don’t fall into the 60% tax trap

Despite being in existence for some 15 years, the effects of the personal allowance restrictions are surprisingly unknown by many. The personal allowance restriction means that ‘higher earners’ see their personal allowance reduced by £1 for every £2 of income received above £100,000. This threshold has not changed since it

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60% tax trap

The 60% tax trap and how to avoid it

Although the headline highest rate of income tax is 45%, many people will be paying a marginal rate of 60% and not even be aware of it. That is because, as your income exceeds £100,000 you start to lose £1 of personal allowance for every £2 of income above that

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