The t op 45% tax rate is threatening to clobber UK households as HMRC figures show that 1.2million people will pay the additional rate this year. A n extra half a million will be dragged into paying the top rate, it has been warned.

By 2028 the figure is set to reach 1.5million, rising to 1.7million by 2030 – more than seven times higher than in 2010. The 45% rate kicks in above £125,140, but the level has failed to rise in line with inflation.

Shaun Moore of wealth manager Quilter warned: “The number of people paying the additional rate of income tax has risen exponentially since thresholds were frozen.”

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Katherine Waller of wealth manager Six Degrees told the Sunday Times: “When the additional rate was intr

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