Welcome to the new basic rate of tax - it's 42%
Employer has £100 to pay on wages.
New Secondary NIC rate = 13.8% + 1.25% = 15.05%. So the max. gross wage he can pay out = £100 ÷ 1.1505 = £86.92
New Primary NIC rate = 12% + 1.25% = 13.25%, add on official basic rate of tax 20% = 33.25%.
£86.92 less 33.25% = £58.02, an overall tax bill of £42 = 42%.
It’s far worse if you also have Student Loan Repayments or Working Tax Credits that are being clawed back.
Source: http://markwadsworth.blogspot.com/2021/09/welcome-to-new-basic-rate-of-tax-its-42.html
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