Millions of people will pay more tax over the next six years after Jeremy Hunt announced his plans in the Autumn Statement.
The Chancellor of the Exchequer announced that he will freeze the income tax personal allowance, higher rate threshold, main national insurance thresholds and the inheritance tax thresholds until April 2028. This means that more people will pay more tax as a result of “fiscal drag” as wages increase.
The thresholds for both income tax and national insurance are set at £12,570. They were already frozen for four years to April 2026, but this will now be stretched to April 2028.
