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The Chancellor’s announcement that personal tax rates and bands would remain unchanged was a classic piece of increasing taxation without entirely flouting the Government’s past promise not to increase income tax.
That is all for the next five years but the story doesn’t end there. The income tax allowance and rates freeze will take effect at a time when most incomes have been suppressed during Covid-19 but the Chancellor is looking to stimulate the economy which should see an increase in both wage and price inflation if the recovery kicks in as expected in September.
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