In association with
Save content
Have you found this content useful? Use the button above to save it to your profile.
Stealth taxes key to personal tax announcements | accountingweb
iStock_s-c-s_pinch

Stealth taxes key to personal tax announcements

by

The headline rates of income tax are here to stay, but individuals will still end up feeling a tax pinch following the Autumn Statement.

18th Nov 2022
In association with
Save content
Have you found this content useful? Use the button above to save it to your profile.

Chancellor Jeremy Hunt has delivered his much-anticipated Autumn Statement, although there are few surprises in the way of income tax and allowances.

Personal allowance freeze extended

In his speech, the Chancellor reassured the general public that the Conservative government would not raise the headline rates of taxation.

While that is the case – the rates of income tax are to remain at 20%/40%/45% as they are presently – the announcement is something of a red herring.

This is thanks to the fact that the Autumn Statement also announced a two-year extension to the freeze in the personal allowance and higher rate thresholds. This now means that the personal allowance – which has been £12,570 since 2021/22 – will remain at that level until April 2028, while the higher-rate threshold will also stay at its current level of £50,270.

Register for free to continue reading

It’s 100% free and provides unlimited access to the latest accounting news, advice and insight every day. As well as access to this exclusive article, you can:


Content lock down, tick icon

View all AccountingWEB content


Content lock down, tick icon

Comment on articles


Content lock down, tick icon

Watch our digital shows and more

Access content now

Already have an account?

Replies (0)

Please login or register to join the discussion.

There are currently no replies, be the first to post a reply.