Hundreds of thousands of taxpayers in the UK will be around £1,200 worse off next year, under new tax hikes for higher earners.
As part of the Autumn Statement, Chancellor Jeremy Hunt confirmed he will freeze the income tax personal allowance at £12,570 until April 2028. This means anyone earning this amount or lower will not have to pay tax on their incomes.
He has also frozen the basic rate until 2028, meaning anyone earning between £12,571 to £50,270 a year will continue to pay income tax at a rate of 20% of what they earn after the first £12,570.
