UK Treasury gains £9.8bn from frozen tax thresholds in two months

Macro
โดย The Telegraph·Read original
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The UK Chancellor received a £9.8 billion boost in the first two months of this tax year from frozen income tax thresholds, according to HMRC figures. Taxpayers paid £153.7 billion in tax and National Insurance in April and May, up from £143.9 billion a year earlier, with income tax receipts accounting for £54.6 billion of the total. Rachel Reeves extended the freeze on income tax thresholds at the last Budget, a move described as a stealth tax that drags workers into higher bands as wages rise. Sarah Coles of AJ Bell noted that the impact becomes more evident each year, with thresholds frozen until 2031, while Nimesh Shah of Blick Rothenberg called stealth taxes a cash cow for governments. Annual tax receipts from all duties are projected to hit £1 trillion in this parliament.

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