Growing numbers of savers are falling foul of HMRC tax tapers that can bump income tax up to 60%.

Courtesy of complex tax rules, the top rates of income and inheritance tax (IHT) are much higher than you might think. And it is the well-off that get caught by these higher rates, not the super-rich.

Let’s take income tax first. Most people know they are entitled to a personal allowance each year – an amount of income they may earn without having to pay any tax at all. In 2021-22 it is worth £12,570.

What you may not realise is that once your income exceeds £100,000 you start losing your allowance, at a rate of £1 for every £2 earned above this threshold.

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