How is my Salary Affected By The Budget Tax Changes?

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November 5th 2024
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How is my Salary Affected By The Budget Tax Changes?

A cut in basic rate tax to 19 percent, cuts to NIC and removal of the top rate of tax. Who does it benefit the most?

Using the table below it is clear that the new changes to lower tax rates, removal of bands and reversal of NIC when combined benefit those with higher salaries the most. A person earning £100k will benefit almost ten times as much as someone earning £20k.

Mini-budget tax change salary table:

Gross SalaryNew Take Home PayDifference
£5,000 £5,000 £0
£10,000 £10,000 £0
£15,000 £14,246 + £55
£20,000 £17,696 + £167
£25,000 £21,146 + £280
£30,000 £24,596 + £392
£35,000 £28,046 + £505
£40,000 £31,496 + £617
£45,000 £34,946 + £730
£50,000 £38,396 + £842
£55,000 £41,324 + £907
£60,000 £44,224 + £970
£65,000 £47,124 + £1,032
£70,000 £50,024 + £1,095
£75,000 £52,924 + £1,157
£80,000 £55,824 + £1,220
£85,000 £58,724 + £1,282
£90,000 £61,624 + £1,345
£95,000 £64,524 + £1,407
£100,000 £67,424 + £1,470
£105,000 £69,324 + £1,532
£110,000 £71,224 + £1,595
£115,000 £73,124 + £1,657
£120,000 £75,024 + £1,720
£125,000 £76,924 + £1,782
£130,000 £79,796 + £1,845
£140,000 £85,596 + £1,970
£150,000 £91,396 + £2,095
£160,000 £97,196 + £2,720
£170,000 £102,996 + £3,345
£180,000 £108,796 + £3,970
£190,000 £114,596 + £4,595
£200,000 £120,396 + £5,220
£225,000 £134,896 + £6,782
£250,000 £149,396 + £8,345

You can also try your exact salary using the calculator below:

Tax Cut Calculator
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