IFAC Accelerates Engagement on Anti-Corruption and Anti-Money...
As evolving threats such as climate change, artificial intelligence, and geopolitical conflicts put increasing...
READ MOREThree million workers risk being dragged into higher tax bands
An extra three million workers will be dragged into higher income tax bands if the freeze on thresholds is extended until 2027-2028.
Prime Minister Rishi Sunak is reportedly considering extending the current freeze on income tax thresholds and allowances until 2027-28. A two-year extension, currently in place until 2025-26, would generate an extra £4bn to £5bn in tax revenues for the Treasury, according to the Institute for Fiscal Studies think tank.
The Centre for Economics and Business Research, another think tank, said 2.2 million additional workers would be moved into higher tax bands as a result.
It would also mean significantly higher tax bills for workers. Financial advice firm NFU Mutual said freezing the personal allowance and higher-rate threshold until 2028 would add £14,990 to the income tax bill of a worker on a £60,000 salary over the next five years.
Read more at Yahoo Finance
Previous
Energy crisis pushing 10,000 homes a month on to prepayment meters
Next
Essex mobile catering firm duo banned for a total of 16 years
HMRC umbrella company ‘checking tool’ looms for workers
Umbrella company consultation response and guidance due from HMRC, as more details come out on Tax Administration and...
READ MORE
A beginner’s guide to the taxes you’ll hear about this election...
National insurance, income tax, VAT, capital gains tax, inheritance tax… it’s easy to get confused about the many...
READ MORE