More than 500000 taxpayers enjoy been lifted out of the 40% rate and made better off by £500 a year A £500 tax cut for the “squeezed middle” formed the centrepiece of a budget that promised to reverse the march of millions of workers into the higher rate tax band. Since George Osborne became chancellor,the number of employees paying the 40% higher rate tax has soared from 3.3 million to nearly 5 million, prompting widespread alarm within the Conservative party. But in the budget Osborne said the higher rate band would rise from £43000 to £45000 for the 2017-18 tax year. Related: George Osborne backs sugar tax and £3.5bn of Whitehall cuts Continue reading...
Source: theguardian.com