Welsh Rates of Income Tax (WRIT)
The process for Wales involves the UK Government reducing each of the three income tax rates for Welsh taxpayers by 10p. The Welsh Government then decides whether to set the Welsh rates at 10p, thereby retaining parity between Welsh and English taxpayers or to set different rates .
According to the Welsh Finance Minister Rebecca Evans, there will be no increase in income tax rates for the 2024-2025 fiscal year .
Here is the information in the image you sent me in a table format:
| Tax Rate | Percentage | Income Range |
|---|---|---|
| Basic Rate | 20% (10%+10%) | £1 – £37,700 |
| Higher Rate | 40% (30%+10%) | £37,700 – £125,140 |
| Additional Rate | 45% (35%+10%) | Over £125,140 |
The Welsh Government proposes to set Welsh Rates of Income Tax for 2024/2025 at 10p for the three income tax rates (basic, higher and additional).
