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How a Freeze on Tax Thresholds 🧾 Affects You, Jimmy Cruickshank



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Hi Jimmy Cruickshank,

In the Spring Statement, the government announced a headline-grabbing rise in
the National Insurance threshold that will come into effect from July.

What this means for you is that National Insurance will only kick in on earnings
over £12,570, bringing the threshold up to the same as income tax.

However, while the government gives with one hand it takes away with the other –
namely a range of allowances and thresholds that stayed frozen rather than
keeping pace with inflation.

This is known as fiscal drag and means more of your money goes on tax.

For example, for additional rate taxpayers, if this tax band had kept up with
inflation, it would be applied to those earning over £200,000. Meanwhile, those
on the higher tax band would have gained an extra £2,000 or so before having to
pay at the higher rate.

Using the government’s own figures, we explore what the costs will be to the UK
taxpayer, as well as looking at what these allowances - including gift, pension
and inheritance tax allowances - would be had they been inflation-linked.

Find out more

 

Information provided by nudge is purely for educational purposes and does not
constitute financial advice.

Appropriate independent counsel should be obtained before making decisions that
impact your money.

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