What you really pay on the 20p tax rate

February 25, 2015 10:38 AM

The basic rate of tax is the 20p rate, right? Wrong. By the time you add in Employer's and Employee's National Insurance and Student Loan repayments, the average employee on a salary between £23,000 and £42,000 is paying almost 50p in tax. 20p? Hardly.

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