By Lily Zhou The number of UK taxpayers liable to pay the top rate of income tax is set to reach 1 million for the first time as more people are dragged into the bracket amid an ongoing threshold freeze. The total number of taxpayers has also jumped by millions in the past three years, […]
Tag: Income Tax
An income tax is a tax imposed on individuals or entities that varies with respective income or profits. Income tax generally is computed as the product of a tax rate times taxable income. Taxation rates may vary by type or characteristics of the taxpayer. The tax rate may increase as taxable income increases.