Take a quick look at the income tax law in Britain and it is easy to conclude that the government is charging too much. Compared to income tax in other countries, the maximum amount of income tax in Britain is indeed quite high. Workers are expected to pay up to 45% in income tax in Britain compared to 29% in Canada and 39.6% in the US. Look into the regulation further, however, and you’ll find the income tax scheme to be very affordable.
While the maximum amount to pay is relatively high, according to a study by Villanova University and its online Master of Science in Analytics department, the average amount is actually lower than in most countries. An annual income of £26,500 means you’re paying around 12% in income tax as opposed to 25% in the US.
You can learn more about Global Taxes from the infographic released by taxandbusinessonline.villanova.edu.