Around 3.2 million more people are due to pay income tax now than if personal allowances had risen with inflation. An extra 2.5 million will pay higher and additional rate tax.
The huge number of higher-rate taxpayers is projected to reach 6.3 million, up more than 40% in just three years.
Meanwhile, those paying 45% additional rate tax will have doubled to more than a million.
And that's just income tax. We will also be paying more national insurance, capital gains tax, dividend tax, stamp duty and council tax.
BURDEN
Sarah Coles, head of personal finance at Hargreaves Lansdown, said paying higher or additional rate taxes is no longer the preserve of the wealthy, as one in five taxpayers now do so.
"With thresholds frozen until 2028, the appeal of generating tax-free income has never been stronger," she said. To do this, it is essential to use the tax breaks available to you. Coles highlighted the following options.
The Personal Allowance. Every individual can earn up to £12,570 per year before paying income tax. This is reduced by £1 for every £2 earned above £100,000, creating a 60% effective tax rate for earnings between £100,000 and £125,140.
"Higher earners can consider making additional pension contributions to reduce their taxable income," Coles said.
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