Top rate no longer just for top 1%
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Top rate no longer just for top 1%

posted in Tax by Phillip Harris on 08:50 May 30th, 2018

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 Top rate no longer just for top 1%

Half a million people will be dragged into the top rate of tax within three years, according to analysis of HMRC data by Saffery Champness. The 45% rate is paid on earnings over £150,000, a threshold which has not changed in seven years. In the current tax year a record 393,000 people will pay the "additional" rate, up 67% on 2011. Mike Hodges, a partner at Saffery Champness, said: "There is an argument for raising the threshold for additional rate tax as it has remained the same for seven years and is no longer a tax on just the 1% […] I don't think people on £150,000 think they're super wealthy - they'd be more likely to think they were comfortable and doing OK.”

Source: The Daily Telegraph (26/05/2018)

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