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Top earners face tax squeeze

High earners in the UK will face one of the toughest fiscal regimes in Europe when new income tax hikes come into effect next year, according to accountancy giant KPMG. Currently, the UK has a top tax rate of 40 per cent on earnings above £43,435, making it the twelfth most onerous country for high earners out of 27 EU member states, KPMG said. But when the 50 per cent tax rate for earnings above £150,000 comes into effect next April, it will be the fourth toughest regime.