Quote:
Originally Posted by Pierre
Help me out as I'm not great with numbers, Which is 5%. How does that equate to a 46p tax cut?
|
It's not even 5%, as it's 5% of earnings above £150,000, not the whole £150,000. The greater the earnings are above £150,000, the nearer the reduction gets to 5%. Eg £15m income gets a 4.95% reduction, but a £160,000 income has a 0.3125% reduction.