HMRC forecasts 1.5 million more people will pay higher rate tax by 2027

News Team, 23/01/2023

HMRC forecasts 1,130,000 more people will pay higher rate tax by the 2027/28 tax year, according to a new Freedom of Information (FOI) request submitted by wealth manager Quilter.

Additionally, the FOI revealed 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 percent, while the additional rate is taxed on an income o...

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