The number of workers paying the higher or additional rate of tax continues to soar as frozen thresholds pull hundreds of thousands more earners into the top tax bands this year, according to statistics from HM Revenue & Customs.
The number of higher-rate UK taxpayers, who earn more than £50,271 and pay a top marginal rate of 40p, is expected to rise to 7.7mn in the current tax year, up from 7.29mn in the previous year and nearly 2mn higher than in 2023-24, according to data released on Wednesday.
Meanwhile, the number of additional-rate taxpayers, who earn more than £125,140 and pay the 45p rate of income tax, is projected to reach 1.29mn this year, up from 1.22mn a year earlier, and 893,000 in 2023-24, when the threshold was lowered from £150,000.
Great. The more people who pay higher rate tax the better, as the more people realise that when they vote at elections it is them and not someone else who pays the bills…