Chancellor of the ExchequerRishi Sunak looks to cover the cost of the coronavirus pandemic. Mr Sunak announced several freezes to tax thresholds earlier this year at the 2021 Spring Budget in March.
This includes a freeze to Income Tax thresholds, Inheritance Tax thresholds and the pensions lifetime allowance, until April 2026.
Further measures may well be announced with some speculating that a short term rise in National Insurance Contributions for the self employed could be one way of raising funds.Mark Collins, Head of Tax at Handelsbanken Wealth Management, is one such expert who said: "Ultimately the government will need to raise taxes at some point,"The government cannot rely on a prosperous recovery bringing in sufficient revenues.
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