Tax brackets ????

Question

ive just started a job p.a.y.e , but im sure in gonna be earning over £ 40,000 a year, am i taxed 40% on all my earnings or am i just taxed 40% on my earnings over £36,000 and 20% below that ???

Answer 1

The first £5,435 is exempt; the next £34,600 (ie up to income of £40.035) taxed at 20%, and only the rest at 40%.

Answer 2

Yikes!  Move to the US, where when you make $80k (40k GBP) you are in like the 25-28% tax bracket ;-)