UK Additional Rate Taxpayers Increase By 57 Percent

HMRC reports that 5.76 million individuals in the UK are now paying the higher rate of income tax. This figure represents an increase compared to the start of 2020, when nearly 2 million people were in the higher rate bracket. The announcement was made by HMRC according to the report. The number of individuals paying the additional rate tax in the United Kingdom has increased by 57 percent to 893. This rise follows a reduction in the tax threshold from 150,000 to just over 125,000. The change has resulted in a higher volume of people being subject to the higher tax rate. The count rose from 569,000 to 893,000 people. This means nearly one million people are now paying the extra 45 percent additional tax. The figures were discussed in relation to the contentious triple lock pension system.