Record number of Brits now paying highest rates of tax

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.

    Share Story:

Recent Stories

Deep Neural Networks for FX Prediction
Adam Cadle speaks to Richard Turner Head of Research and Mike Emambakhsh, Ph.D. Senior Research Scientist at Mesirow Currency Management about their work with Machine Learning, specifically Deep neural networks for FX prediction.


Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.