Tag: fiscal drag
State pensioners to be hit with stealth tax raid as HMRC data shows millions affected
HM Revenue and Customs has revealed the freeze on thresholds will mean 17.9 million Brits being dragged into paying the basic rate of tax. …
Government confirms 2025 pension rate rise date as Liz Kendall issues triple lock update
State pensioners could see an extra £472 a year, officials from the Department for Work and Pensions said …
Rachel Reeves stealth tax bombshell as Brits slapped with £50bn bill
Chancellor Rachel Reeves has hit households with a £50bn tax bill. …
Personal tax allowance £20,000 call hits major threshold as Keir Starmer questioned
For millions the £12,570 barrier has been frozen since 2021, pulling millions of low-wage earners into the income tax net through ‘fiscal drag’ …
Millions thrown into higher tax bands – how to check personal tax allowance
The number of higher-rate taxpayers has exceeded five million for the first time, with millions more people paying more tax due to frozen thresholds …
Current personal tax allowance rates as Treasury responds to £20k plea
A petition calling for a change in the amount of money people can earn before they start paying tax has passed 100,000 signatures, meaning it will be debated …
Plan to raise tax allowance from £12,570 to £45,000 update as MPs demand new statement
The petition has gained thousands of signatures as people rail against the ‘unjust’ tax increase which has been branded ‘fiscal drag’ – and now MPs waded in …
Plan to increase personal tax allowance to £20,000 huge update as Treasury responds
The petition, which is set to be debated in the House of Commons, has been backed by more than 161,000 people and urges Rachel Reeves to take action …
Treasury pockets £7bn inheritance tax but Rachel Reeves could be out for more
An expert said inheritance tax receipts surged to £7 billion, but the chancellor is likely to be looking for other ways to fund Labour’s growth plans. …
Income tax threshold raise update as petition passes huge barrier
A surge in support to end the freeze and raise the lowest rate from £12,570 to £20,000 will be considered for a Westminster Hall debate in Parliament …
