The Welsh draft budget announcement of 13th December 2022 has proposed no changes to Welsh income tax rates, and a continuance to mirror the equivalent tax rates as for the rest of the United Kingdom for the 2023/2024 tax year.
The thresholds are not a devolved matter and are set by the Westminster government. These are required to change to align with those announced by the Westminster Chancellor in the Autumn Statement 2022.
Welsh Tax 2022
These are to be effective for payment with a contractual / fiscal payment date of 6th April 2023 and onwards.
| Welsh Tax bandwidths and rates – effective date 6th April 2023 | ||
| Basic Rate | 10% + 10% = 20% | £1 – £37,700 |
| Higher Rate | 10% + 30% = 40% | £37,701 – £125,140 |
| Additional Rate | 10% + 35% = 45% | £125,141 and above |
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