Many middle-class professionals are paying an income tax rate of 60% as a result of a little-understood policy introduced by the last Labour government which affects more than 500,000 people, a leading economist has warned.
The Institute for Fiscal Studies (IFS) said that it is "hard to make much sense" of a loophole in income tax rules which means that those earning between £100,000 and £120,000 now pay 60p of every pound...
Second preference falls at the third
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