Chancellor considering raising top rate from 45pc to 50pc at next week’s Budget
An increase in the top rate of income tax under consideration by Jeremy Hunt would cost the country’s highest earners thousands of pounds.
The Chancellor is reportedly considering several proposals for tax rises for high earners – one of them being an increase in the top rate of income tax from 45pc to 50pc.
This would mean a worker earning a £200,000 salary would face an additional £2,500 in tax, according to calculations by Quilter, a wealth management company.
Mr Hunt is also said to be considering lowering the tax threshold from £150,000 to £140,000. Should these changes be implemented alongside an increase to a 50pc top rate, a worker on a £150,000 salary would be taxed an additional £1,000.