Article preview: While the Chancellor avoided personal tax increases in his Budget, he managed to raise around £8 billion a year through a rather sneaky mechanism of freezing thresholds and allowances. This stealth tax means that more people will pay more in taxes over the next five years, as more of their income, capital gains and pensions fall into higher rates of tax. An estimated 1.3 million people will pay income tax for the first time, due to the stealth tax increases.
More will pay more thanks to frozen thresholds
This 643-word blog post looks at the frozen thresholds for income tax, National Insurance, capital gains tax, inheritance tax and pensions lifetime allowance, announced in the Budget. Written on 5th March 2021.
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