Millions of Britons1 will be dragged into paying more income tax after a punishing Government freeze on thresholds, the Office for Budget Responsibility has warned.
A report by the Centre for Economics and Business Research commissioned by The Mail on Sunday last month predicted a surge in the number of workers who will be forced to pay extra income tax over the next five years – bringing in £40billion for the Treasury.
A four-year freeze on thresholds begins next month and rising wages will draw more workers into the net. Another 1.5million earners will have to start paying the basic rate of income tax by 2026. The higher rate of income tax will have to be paid by an extra million people.
1 Sunak’s wife isn’t ‘British’ when it comes to paying tax. She’s ‘non-domiciled’, which is handy for a billionaire and her husband (aka the Taxman).
Exposed: new tax blow to middle classes – we reveal wealth levies will rake in extra £50bn as Treasury tries to plug Covid black hole (msn.com)