The 20% basic rate band is set at £31,865 for 2014/15 and will fall to £31,785 for 2015/16. This means that you will pay 40% tax if your taxable income exceeds £41,865 for 2014/15 and £42,285 for 2015/16.

The 45% top rate continues to apply to taxable income over £150,000 for 2014/15.