Top 10% of earners pay more than half of all tax – here’s a dozen ways to pay less

Frozen tax thresholds are dragging millions more people into higher and additional rate tax brackets. Will you pay more?

Pound coins
Top 10% of earners pay more than half of all tax – here’s a dozen ways to pay less
(Image credit: John Lamb)

The top 25% of income taxpayers will pay more than three quarters (76%) of all income tax this year, and it doesn’t take multi-millions to enter that category – you need to earn just £47,400.

In fact, if you earn £71,600, you’re in the top 10%, who pay more than half (59%) of all income tax, according to an analysis of government figures by wealth firm Hargreaves Lansdown.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
Laura Miller

Laura Miller is an experienced financial and business journalist. Formerly on staff at the Daily Telegraph, her freelance work now appears in the money pages of all the national newspapers. She endeavours to make money issues easy to understand for everyone, and to do justice to the people who regularly trust her to tell their stories. She lives by the sea in Aberystwyth. You can find her tweeting @thatlaurawrites