400,000 UK high earners face a 60% "tax trap" due to reduced personal allowance.
400,000 UK high earners, making over £100,000, are at risk of falling into a 60% "tax trap", according to research by investment platform InvestEngine. Those earning between £100,000 and £125,140 annually will face an effective 60% tax rate due to their personal allowance reducing by £1 for every £2 earned until £125,140. High earners could lose £2.3 million in taxes if no action is taken.
March 15, 2024
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