Five ways for higher rate taxpayers to reduce their tax bill

With thresholds frozen, more people than ever are paying higher rate tax - and without necessarily being any wealthier. The Institute for Fiscal Studies recently found that 2.5m more people will pay higher and additional rates of income tax by 2027. As many as one in five taxpayers will fall into these higher rate brackets, at a time when mortgage costs and household bills are at their highest in years. With this in mind, even higher rate taxpayers need to watch the pennies. We asked a series of experts for their top tips on how to reduce your tax bill (legitimately – no offshore accounts here!). These are their ideas.

1. Top up a pension