FOI reveals HMRC forecasts nearly 1.5 million more people to be dragged into higher tax bands by 2027
HMRC forecasts nearly 1.5 million more people to be dragged into higher tax bands by 2027.
HMRC forecasts nearly 1.5 million more people to be dragged into higher tax bands by 2027.
According to a new Freedom of Information (FOI) request submitted by Quilter, the wealth manager and financial adviser, HMRC forecasts 1,130,000 more people will pay higher rate tax by the 2027/28 tax year.
Additionally, the FOI reveals that HMRC predicts 301,000 more people will become additional rate taxpayers by the 2027/28 tax year.
The higher rate of tax is levied on anyone with an income between £50,271 to £150,000 at a rate of 40%, while the additional rate is taxed on an income over £150,000 at 45%. Usually, the bands increase with inflation.
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