Higher Rate of Income Tax

  • 3 Posts
  • 1 Sections
  • 1 Types
Definitions
Dividend Tax
Dividend Tax UK Taxation Dividends Tax Rates Basic Rate of Income Tax Higher Rate of Income Tax Additional Rate Taxpayers
A comprehensive guide to understanding the Dividend Tax in the UK, which was introduced in April 2016 to replace the previous tax credit system.
Read more about Dividend Tax.
Definitions
Higher Rate of Income Tax
Higher Rate of Income Tax Income Tax Thresholds Taxation Rates Personal Allowances Additional Rate of Tax Taxable Income UK Tax System
A higher rate of income tax is applied to individuals with taxable income exceeding certain thresholds, different from the basic rate of income tax. In 2016-17, it was levied at 40% on income over £32,000, with an additional rate of 45% for income beyond £150,000.
Read more about Higher Rate of Income Tax.
Definitions
Top Rate of Income Tax
Top Rate of Income Tax Higher Rate of Income Tax Tax Bracket Income Tax High-Income Earners
The top rate of income tax is the highest percentage of income that individuals in the highest income bracket are required to pay. This rate often affects high-income earners more significantly.
Read more about Top Rate of Income Tax.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.