Thousands of highly paid lawyers, accountants and other professionals will be hit by the new 50 per cent rate of income tax as soon as next week.

The new higher tax rate unveiled in this week’s Budget will apply to people with incomes of more than £150,000 from next April. But many high-earning partners and small-business owners will see the money they make this year eventually taxed at 50 per cent because of how their financial year runs.