'Special rates have been introduced twice within the post-war years, causing income tax to exceed 100%. For 1947-48 a special contribution was payable when total income exceeded £2,000. For investment income over £5,000 it was 50%. So with income tax at 45% and surtax at 52.5%, the effective rate was 147.5%. In 1967-68, the special charge was imposed. For investment income over £8,000, the rate was 45% with income tax at 41.25% and surtax at 50% - a total rate of 136.25%. -- HMRC website'That's from Alex Masterley's excellent blog.
Start the Week 25th November 2024 -petition
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