The basics
Income tax
Tax on what you earn: wages, self-employed profits, some investment income. In the UK it's collected by HMRC, mostly through PAYE.
A plain-English explanation, not financial or tax advice. Rules and rates change, so check your own situation. For free, impartial guidance, try MoneyHelper. Disclaimer.
You'll hear it as
The rise takes you into the higher rate of income tax.
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