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URGENT - MAIL ONLINE - GUARANTEED COVERAGE - One in five taxpayers will pay higher rate tax by 2027 - will you be one of them?

ended 16. May 2023

URGENT - MailOnline needs reaction to the following piece about 1 in 5 taxpayers being dragged into the 40p tax band by 2027:

https://www.dailymail.co.uk/news/article-12087179/Nurses-teachers-police-officers-7-8MILLION-people-dragged-40p-tax-band.html 

Are you concerned about the impact it may have on you if you're dragged into the 40p tax bracket? Personal situation only please from people who are facing this. The journalist isn't looking for a general view.

It's reported that one in five taxpayers will pay the higher rate by 2027 as a result of the Government's freeze on tax thresholds. In total, 7.8million will pay higher rate tax by this point, up from just 1.6million 30 years ago.

If you respond, with your personal situation, the journalist can almost guarantee you'll be quoted! 

4 responses from the Newspage community

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Editor
Riz Malik
Independent Financial Adviser at R3 Wealth
Indeed, the freeze on tax thresholds potentially pushing more people into a higher personal tax bracket may have unforeseen effects on individuals' mortgage borrowing capacity. While, numerically, many individuals might appear to be in a better financial position, the reality of their situation may be significantly different when tax implications are factored in.
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Editor
Samuel Mather-Holgate
Independent Financial Adviser at Mather and Murray Financial
In 1990 only 1.7 millions people paid 40% tax. Now over 6 million do and that’s set to rise. Freezing allowances is the ultimate stealth tax, as incomes rise with inflation the amount the government take off you increases. Under a Conservative government we have the highest tax burden for three quarters of a century. It’s no wonder the electorate are fed up with them as they have lost their way. They are currently a Tory part in nothing but name.
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Graham Cox
Director at Bridging Hub
Fiscal drag is a drag on the economy. It disincentivizes aspiration and hard work and is the antithesis of the supposed Tory ethos. Welcome to bankrupt Britain
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Kel Nwanuforo
Investment Specialist at Asset Intelligence
I’m reminded of George Osborne’s reported comments to a meeting of Tory MPs back in 2014. The then-Chancellor allegedly said the upside of more people being dragged into the higher-rate tax band was that “they feel they are a success” and were thus “more likely to think like Conservatives”.

Perhaps Jeremy Hunt made a mental note?