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50% tax

When the 50 per cent income tax rate comes in on 6 April, will it be applied to my gross income or to the amount left after deducting my pension contributions and expenses?

The 50 per cent tax rate will be based on your taxable income. This will be the amount of income for the tax year after deducting your business expenses and NHS Pension Scheme contributions, but not any private pension contributions.

Taxable income also includes income earned from investments such as interest from bank accounts, dividends from shareholdings and rent.

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