![]() Freezing income tax thresholds will therefore push millions of workers into paying more tax under fiscal drag.įigures released by HM Revenue & Customs in June showed that 6.1 million people – the equivalent of one in six adults – paid the higher rate of income tax because of the freezing of thresholds, up from 4.2 million in 2019. Inflation rose to 11.1% in October, the highest rate in 41 years. The freeze had previously been due to end in 2026, under proposals by former Chancellor Rishi Sunak. In today's Budget, Hunt also extended the freeze on income tax thresholds until 2028. ![]() The change to the highest rate tax threshold is estimated to pull an extra 250,000 people into the top bracket. Income up to £12,570 a year is tax-free under the personal allowance. Speaking in today's Budget, Hunt said the change will mean higher earners pay around £1,200 a year a more in tax. ![]() Chancellor Jeremy Hunt has announced that the 45p rate threshold will be reduced from £150,000 to £125,000, dragging more people into the highest rate of tax. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |