Two million more people in UK paying higher rate tax, says HMRC
The Treasury said it had taken "tough but responsible decisions" to "avoid saddling future generations with more debt" after record levels of borrowing during the pandemic.
Countering this approach, former Liberal Democrat pensions minister Sir Steve Webb said that paying higher rate tax "used to be reserved for the very wealthiest"."People who would not think of themselves as being particularly rich can now easily face an income tax rate of 40% and around 1 in 5 of all taxpayers will soon be in the higher rate bracket," he said.
Meanwhile, additional rate taxpayers who earn over £150,000 and pay at 45% tax make up around 1.9%, it said.Clive Gawthorpe, partner at accountancy firm UHY Hacker Young said the government needs to "urgently" examine these tax brackets. But Prime Minister Boris Johnson on Thursday defended the government's taxation policy, pointing to plans to raise the threshold for paying National Insurance in July.
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