Navigating the higher rate tax freeze
Navigating the higher rate tax freeze
Minimising the impact on your personal finances
If you’re a higher rate taxpayer, the freeze on the Income Tax threshold will have meant an increase in your tax bill. The reason for the increase stems from the Chancellor’s decision in April 2021 to freeze the higher rate tax threshold rather than increase it in line with inflation.
With inflation running at a 40-year high, pay increases will mean more people are being pushed into the higher rate tax bracket. You pay higher rate tax on the portion of income that falls between £50,271 and £150,000 (or between £43,663 and £150,000 in Scotland). Higher rate tax is charged at 40% (or 41% in Scotland).
Is there anything I can do about it? Review your salary sacrifice arrangements; Check your tax code; Use tax-efficient investments; Use your annual allowance.
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