From the Office of Tax Complication
Even comparatively mild adjustments to tax thresholds can produce unintended consequences, writes Simon Sweetman.
For 2011/12 the 40% tax threshold has been reduced from £37,400 to £35,000. The effective basic rate threshold of course goes up by £1,000 to £7,475. Similar arrangements have been made for NIC with the lower threshold being increased while the higher threshold is reduced (and the rate above the threshold increased to 2%).