The proportion of Britons paying the highest rates of tax is now at a record level and double that of 20 years ago.
According to latest figures released by HMRC, almost five million people - one in six earners - now pay either the 40% or 45%ate of income tax, up from one in 12, 20 years ago.
The research showed that the 400,000 people who pay the top rate of tax at 45% now contribute almost as much to the exchequer as the 25 million basic-rate taxpayers combined.
HMRC has estimated that the rise to the starting threshold for the 40% band to £45,000 in the current tax-year is likely to see the number of higher-rate taxpayers fall back slightly but the number will be more than two and a half times higher than the 1.7 million people who paid the top rate in 1994.
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The new episode of The Mortgage Insider podcast, out now
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In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
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In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.
In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.
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