The commentary below considers the rates and bands for UK income tax, UK capital gains tax, UK stamp taxes related to land and property purchases, UK value added tax (the UK sales tax) and UK inheritance tax.
For details of the rates and thresholds for UK national insurance contributions (the UK social security contributions), see UK1.7.
UK1.5.1ÌýÌýÌýÌý UK income tax rates
UK income tax calculation
The income tax calculation is prescribed by the steps in ITA 2007, s 23 and are described in full in Simon's Taxes E1.101B
| Step | Description | Comment |
| Step 1 | Identify the amounts of component income to which the person is charged to income tax for the tax year. The sum of all the taxable component income for the tax year is known as 'total income' | Types of component income include employment income, self-employment income, pension income, property income, partnership income, savings income and dividend income. Each type of component income has its own rules that must be used to identify the amount taxable in the tax year. If the income has suffered |
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