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'Bruising impact of threshold freezes' ...4.5 million more paying income tax
Daily Express
|February 09, 2024
THE number paying income tax has surged 4.5 million to 35.5 million since 2010 with 2.8 million dragged into paying the top rates.
And 1.7 million more are now paying the basic rate, research shows.
Income tax thresholds were frozen in 2021-22 and since then the largest increases in new taxpayers are living in Yorkshire and the Humber, Wales and the North East.
But London saw the smallest percentage rises of those paying income tax since 2021-22, both in terms of the basic rate, the higher rate and the additional rate.
As chancellor, Rishi Sunak froze the tax-free income allowance at £12,570 in 2021-22 and set the higher rate when pay is taxed 40% at £50,270.
The Bank of England's inflation calculator shows that had these thresholds risen in line with prices they would now stand at around £15,000 and £60,000.
The additional rate of 45% is charged on salaries above £125,141, lowered from £150,000 in April 2023.
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