Drivers caught going considerably over the speed limit will face harsher punishment from April.
Under the changes, fines for motorists convicted of the most serious speeding offences will start from 150% of their weekly income, compared to the current level of 100%.
Examples where tougher penalties apply include when drivers are caught travelling at 101mph or faster on a motorway, or when their recorded speed in a 30mph zone is more than 50mph.
The Sentencing Council says the guidelines for magistrates are designed to ensure there is a "clear increase in penalty as the seriousness of offending increases".
The RAC's road safety spokesman Pete Williams welcomed the changes, and said: "Anyone who breaks the limit excessively is a danger to every other road user and is unnecessarily putting lives at risk.
"Hopefully, hitting these offenders harder in the pocket will make them think twice before doing it again in the future."
The chair of the Commons Transport Committee, Louise Ellman, also expressed support for the tougher penalties - but warned declining numbers of dedicated road traffic police officers was a "real concern" as it reduces the likelihood that offenders will be caught and prosecuted.
Magistrates have also been given updated guidelines when passing sentences for other offences.
In another change, conditional discharges will be included as a sentencing option for minor cases of TV licence evasion - meaning a person would not be punished unless they commit another offence within a set period of time.
Sentencing guidelines have also been refreshed for offences related to animal cruelty, railway fare evasion and truancy.
District judge Richard Williams, a member of the Sentencing Council, said: "The magistrates' courts deal with the vast majority of offenders in England and Wales, so it is essential that the guidelines they use are up to date and help ensure that sentences are applied consistently and effectively."
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