By Intense Life Desires 
Hargreaves Lansdown analysed the documentation of yesterday’s Budget
The top 10% of earners are expected to see more than £2,000 extra average in tax as a result of the changes announced in the latest Budget, according to analysis by Hargreaves Lansdown.
This compares with an average increase of £500 in tax paid across all income categories.
The top 10% are expected to see their tax take increase by over 1.5% of their income, according to HL.
Sarah Coles, head of personal finance at Hargreaves Lansdown, said: “You could be forgiven for thinking there were more than enough Budget announcements at the dispatch box, but as always, delving deeper into the small print of the documents reveals more tax hikes, rule changes and admin to get to grips with. There are also some eye-watering figures that show just how much more tax is rising as a result of changes.
“They [the top 10% of earners] don’t just face a bigger tax bill, it’s also bigger as a percentage of their income, with the tax take increasing by over 1.5% of their income. This is partly a result of frozen income tax thresholds, but also because the more you earn, the more likely you are to save and invest, so things like dividend and savings tax hikes hit harder.”
Higher earners are also more likely to be caught by the changes to capital gains tax and inheritance tax.
Documents included with the Budget showed that at the start of Parliament, savers paid out £8.3bn in IHT, and that this is expected to rise to £14.5bn by 2030/31.
Ms Coles added: “This is an incredible hike, in a tax that’s widely hated for striking after you have passed away. It means anyone facing a potential tax bill needs to consider whether they can make lifetime gifts to ease the pain. The rules around gifts remain unchanged, despite rumours to the contrary before the Budget.”
The documents also showed that at the start of Parliament, Britons paid £13.7bn in Capital Gains tax, with this expected to more than double to £30bn by 2030/31.