What the 45p income tax rate is, who pays it and how much bracket will raise 👉 Explained by SerinaSandhu1
“We get it, and we have listened,” he said, adding that the abolition of the tax band had “become a distraction from our overriding mission to tackle the challenges facing our country”.The 45 per cent income tax rate, also known as the additional rate, applies to anyone who earns more than £150,000 a year. It is worth £2bn.
Scrapping it was part of the Government’s £45bn package of tax cuts, paid for by borrowing, which spooked the markets and sent the pound, since recovered, plummeting.The U-turn over the tax cut has . Sterling surged to $1.13 at one point overnight, going down to $1.12 in early Monday morning trading.Scrapping the band would have given them an