Seeking tax advice will be more crucial than every with a freedom of information (FOI) request showing almost 1.5 million people set to be pushed unto higher tax bands by 2027.
A FOI submitted by Quilter found HM Revenue & Customs (HMRC) expects around 1.13 million savers will pay higher rate tax by April 2028 with 301,000 set to become additional rate taxpayers. Chancellor Jeremy Hunt froze the higher rate of tax in the Autumn Statement last year - an extension to the freeze implemented by now prime minister Rishi Sunak when he was chancellor - however fiscal drag has caused HMRC's prediction. Under Hunt's freeze, the higher rate of tax is levied on people with an annual income between £50,271 to £150,000 at a rate of 40%. The additional rate is 45% and is ...
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