In the top 10%?

In the top 10%?

In May, HMRC released data about the top 10% of income earners

 

 

These earners are projected to be anyone with an income of at least £57,500 in 2018/19. HMRC estimates that this 10% will pay about £110 billion of income tax, just under 60% of the total for 2018/19, compared to £81 billion and 53.5% in 2010/11.

The statistics reinforce the feeling of many higher earners that they are paying a growing share of tax. Above-inflation increases in the personal allowance have been matched by frozen, or barely moving, thresholds at the other end of the tax scale.

If you want to cut your tax bill, the HMRC statistics suggest you should seek personal advice, not wait for the Chancellor.

The Financial Conduct Authority does not regulate tax advice.

 

Levels and bases of taxation and tax reliefs are subject to change and their value depends on individual circumstances.

 

 

 

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The information in this article does not constitute advice and should be used for informational purposes only. This content has been provided to Helm Godfrey by Taxbriefs.