MSE News: Budget 2021: Income tax thresholds frozen - meaning many will pay more

MSE_Helen_K

Some 1.3 million people are expected to start paying income tax and a million more will become higher-rate taxpayers by 2026 after the Chancellor Rishi Sunak announced today that income tax thresholds will be frozen after a rise this April. And the Government's also freezing the pensions lifetime allowance and the thresholds for capital gains tax and inheritance tax...

Read the full story:
'Budget 2021: Income tax thresholds frozen - meaning many will pay more'

If you haven’t already, join the forum to reply.

Xbigman

Someone has to pay and it could have been much worse. The increase in corporation tax was the only surprize, not that it went up but that it went up by as much as it did. Or rather will go up, he's given plenty of warning.


Darren

lincroft1710

Well, well! What a surprise! We will be paying more tax. Who'd have thought it? As Xbigman said could have been worse, but of course there will be more budgets and who knows what they will contain??

JamoLew

you will only pay more in tax if you actually get a pay rise

sammyjammy

JamoLew said:

you will only pay more in tax if you actually get a pay rise

Not very likely for most I would imagine but NMW is rising so those will be affected and as time goes in inflation will have an impact.  As said by others it has to be paid for somehow, might as well start now.