Those earning more than £125,000 and still paying off their student loan face an effective top tax rate of more than 90%, according to analysis. This if course affect many working in motorsport. While the top rate of tax is technically 45%, some people are seeing marginal rates of 60%, with this rising to as high as 93% as a result of successive governments tweaking the tax system and clawing back benefits. The personal allowance is tapered away at a rate of £1 for every £2 of income for those earning between £100,000 and £125,140, meaning workers face an effective 60% tax rate on those earnings. Many graduates in high-paying sectors often earn high salaries while still paying off their student loans. The analysis shows that someone earning £124,150 who graduated in the last 10 years and is still paying off their loan - and who received a £1,000 pay rise - would pay an effective tax rate on their additional earnings of 93%, once National Insurance is added.