The number of people paying the top rate of income tax in the UK has more than doubled in the past three years, according to HM Revenue & Customs, as a result of the government’s decision not to raise income tax thresholds in line with inflation.
The number of higher-rate taxpayers — who pay tax at 40 per cent on annual earnings above £50,271 and below £125,140 — is expected to increase by over 40 per cent between 2021-22 and 2024-25, according to HMRC projections.
