Income tax: No rises in Jeremy Hunt’s Budget but millions still to pay more | Personal Finance | Finance
In 2022, regular wages in the UK rose by 6.1 percent. As a consequence of this, workers are at risk of being dragged into a higher band and hit with a “stealth tax”.
Sarah Coles, head of personal finance, Hargreaves Lansdown, highlighted why the pending changes to the additional rate tax band will be particularly costly for certain people.
The tax expert said: “It means anyone earning between the old threshold and the new one will lose an average of £621 a year and those earning over £150,000 will lose an average of £1,256.
“It’s expected to make the taxman an extra £420million in the tax year starting in April.”
More to follow…
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