What Is My Marginal Tax Rate 2025 Uk . Tax Glossary What is Marginal Tax Rate For the 2024/25 tax year, if you live in England, Wales or Northern Ireland, there are three marginal income tax bands which set the rate of tax you pay - the 20% basic rate, the 40% higher rate and the 45% additional rate (also remember your personal allowance starts to shrink once earnings hit. Once your income progresses to its highest tax bracket—22% in this example—you've hit your marginal tax rate
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Marginal tax bands mean you pay the set tax rate on a specific part of your income. There are three marginal tax bands in England, Wales, and Northern Ireland from 2024-2025
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