Individuals paying additional rate tax to soar in 2024-25

28 June 2024

Categories: News

In 2024-25 there will be an estimated 37.4 million income taxpayers up 4.4 million from when thresholds were frozen in 2021-22 according to HMRC statistics. This includes 8.5 million taxpayers over state pension age – an increase of 26% from the 6.7 million taxpayers in the same position in 2021-22.

Overall there are a projected 29.5 million basic rate tax taxpayers – up 2.1 million since 2021-22 - and some 6.31 million taxpayers will be liable to the higher rate of tax compared with 4.43 million in 2021-22 or 42%. There are an estimated 1.13 million additional rate taxpayers in 2024-35 which is a 117.1% increase from 2021-22 when the number was 520 000. Additional rate income taxpayers make up a projected 3% of the overall income tax paying population in 2024-2025

The statistics show that HMRC expects to...

If you or your firm subscribes to Taxation.co.uk, please click the login box below:

If you are not a subscriber but are a registered user or have a free trial, please enter your details in the following boxes:

Subscribe Now...

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.

Once you have registered, you will receive an email directing you back to read this item in full.

Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.