The UK HMRC has published the rates and thresholds for PAYE tax (individual income tax) for the tax year beginning 6 April 2016. PAYE tax rates and threshold are as follows:
- up to GBP 32,000 - 20%
- GBP 32,001 up to 150,000 - 40%
- over GBP 150,000 - 45%
The annual personal allowance is increased from GBP 10,600 to GBP 11,000.
Also published are the rates and thresholds for National Insurance contributions, which vary based on the category of the employee. The rates and thresholds for general…