Benefits Trap
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Benefit levelAnnual personal allowanceMonthly personal allowanceTax rateMaximum monthly wage for full benefitTake home with full benefitMinimum monthly wage for no benefitTake home with no benefitMonthly wage needed to catch up on full benefitTake home on I2
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£1,000.00£7,000.00£583.3325%£1,000.00£1,895.83£2,000.00£1,645.83£2,333.33£1,895.83
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Taxman takes:£104.17£354.17£437.50
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Net tax position:-£895.83£354.17£437.50
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Annual wage:£12,000.00£24,000.00£28,000.00
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