At a salary level of £110,000 there would be no personal tax allowance under the new rules established in the last Labour budget.Cigar box calculations lead to the conclusion that on £110,000 the tax liability would have been £36,440 for tax year 2010/2011 leaving a net of £73,560 after tax. On a miserly £70,000 the tax liability would be £17,654 so leaving a net after tax of £52,326. So the salary decrease might be £40,000 but in real terms any such job loss, based on rumoured figures and suspect calculations, makes a difference of only £21,214. Hard news if that's the mortgage payment of course. It is surprising just how significant the loss of the tax allowance calculated on a progressive basis on salaries over £100,000.