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Impact of Freezing Tax Bands

Largely as a result of the freezing of tax bands, the number of higher rate and top rate taxpayers has increased signficantly since tax year 2021/22.

Higher rate taxpayers pay 40% tax and top rate taxpayers pay 45% tax.

There are estimated to be 6.3 million higher rate (an increase of 43%) and 1.1 million top rate tax payers (an increas of 50%).