Half million more join top tax band
The number of people paying income tax at 40p in the pound has risen by more than half a million since 1996/97.
According to information from the Inland Revenue’s Statistics Book 2000, 2.72 million people would pay income tax in the top tax band this year, compared with 2.08 million in 1996/97.
A spokesman for Inland Revenue told AccountancyAge.com that high earnings and increased employment levels had contributed to this rise. This echoed the words of chancellor Gordon Brown who said the Treasury welcomed the fact that there were more people earning and more people in employment.
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