The tax-free Personal Allowance has been frozen for years and, barring a policy reversal from the new Labour government, is set to remain so until at least 2028.
This means that due to 'fiscal drag', an increasing number of people will find themselves paying more tax on their earnings as wages rise to counter inflation and more individuals fall into the income tax bracket.
The Personal Allowance, which is the amount you can earn before you start paying tax, remains at £12,570, where it is expected to stay until 2028 at the earliest.
Consequently, anything you earn above this threshold is taxed at 20 percent, or 40 percent for higher rate taxpayers and 45 percent for additional rate taxpayers.
Read more on manchestereveningnews.co.uk
Get the latest stars news and celebrity rumours with exclusive stories, photos, videos and interviews.
Breaking up, scandals, engagements, divorces, gossip – all you need to know about the private lives of your favorite celebs.
Get to know the latest showbiz news along with exclusive interviews and even more. All this is waiting for you on the main page 24 hours a day, 7 days a week! Who, where, when, with whom, how, why and for what!? Stay tuned to know first!
Just follow us daily and we will provide you with the current news from the life of famous stars and celebrities.
Owner: SNOWLAND s.r.o.
Registration certificate 06691200
Address:
Snowland s.r.o.
16200, Na okraji 381/41, Veleslavín, 162 00 Praha 6
Czech Republic
©2024. All rights reserved.