Leading think tank The Adam Smith Institute conducts research and publishes reports promoting the free market and liberal ideas and part of this work is to keep an eye on the state of taxes in the UK.
According to their research, it has taken the average earning person in the UK 154 days to earn enough money to pay the governments cut of their pay packet. So that means only from today will that individual be earning money to take home.
It is difficult to calculate the exact tax freedom day for every individual person but due to the progressive tax system, in general, the higher the income the more tax is paid. Also, due to varying types of income such as property gains, savings, dividends etc the tax deducted can vary immensely for the level of income. In addition, taxes such as VAT on goods are not taken into account but that is also money going to the Chancellor.
Now you can calculate as close as possible to your Tax Freedom Day, right here using our Tax Freedom Day Calculator! It's quick and easy just enter your income details below and number of days taken, and the date, to pay the amount of tax calculated will be shown. Give it a shot and feel free to share this too.
If the tax freedom day calculator does not show up above, click here.