Connect with us

Money

Thousands more to be dragged into highest tax band in £1.1bn stealth raid

Published

on

Thousands more to be dragged into highest tax band in £1.1bn stealth raid

An extra 10,000 higher earners will be dragged into the top tax band because of rising wages, economists say.  

Some 310,000 higher earners will be pushed into the 45p tax bracket next year, forking out an extra £1.1bn in tax, according to The Centre for Economics and Business Research.

This is 10,000 more taxpayers than currently forecast by the Office for Budget Responsibility and a £300m rise in projected revenue.

Economists said official forecasts had underestimated the “fiscal drag” effect of frozen tax thresholds and wage growth, which hit 7.8pc in the three months to June – outpacing inflation for the first time in nearly two years.

Advertisement

The number of people paying the highest rate of tax is already on track to almost double in a matter of years by April 2024 to 862,00, up from 433,000 in 2020-21.

Once reserved for society’s richest, the 45pc tax rate is now catching a larger portion of the population.

Since former Prime Minister Gordon Brown introduced the additional rate, which came into effect in April 2010, the number of individuals paying the top rate of tax has increased fourfold, up from 236,000.

Source link

Advertisement
Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

CryptoCurrency

Coinbase’s cbBTC surges to third-largest wrapped BTC token in just one week

Published

on

Coinbase’s cbBTC surges to third-largest wrapped BTC token in just one week


According to data from CryptoQuant, cbBTC circulation supply has outpaced long-established players seven days after launch. 



Source link

Advertisement
Continue Reading

CryptoCurrency

Bitcoin options markets reduce risk hedges — Are new range highs in sight?

Published

on

Bitcoin options markets reduce risk hedges — Are new range highs in sight?


Bitcoin options market positioning shifted as BTC price shot through the $60,000 to $63,000 level. 



Source link

Advertisement
Continue Reading

CryptoCurrency

Ethereum is a 'contrarian bet' into 2025, says Bitwise exec 

Published

on

Ethereum is a 'contrarian bet' into 2025, says Bitwise exec 


Ether price could be on track for another correction into a triple-bottom, marking the beginning of a big rally into 2025.



Source link

Advertisement
Continue Reading

CryptoCurrency

Blockdaemon mulls 2026 IPO: Report

Published

on

Blockdaemon mulls 2026 IPO: Report


Other Web3 infrastructure platforms, such as Circle, are also mulling IPOs.



Source link

Advertisement
Continue Reading

CryptoCurrency

SEC asks court for four months to produce documents for Coinbase

Published

on

SEC asks court for four months to produce documents for Coinbase


The financial regulator requested an extension until February 2025 to review “at least 133,582 unique documents” as part of discovery motions with Coinbase.



Source link

Advertisement
Continue Reading

CryptoCurrency

‘Silly’ to shade Ethereum, the ‘Microsoft of blockchains’ — Bitwise exec

Published

on

‘Silly’ to shade Ethereum, the ‘Microsoft of blockchains’ — Bitwise exec


Ethereum is still home to the most active crypto developers and is the most attractive chain to build applications on top of for big companies, argues Bitwise’s Matt Hougan.



Source link

Advertisement
Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.