Autumn Statement 2012: Osborne to raise 40% income tax threshold

He revealed the move during the Autumn Statement this afternoon. The threshold for paying the 40% rate of income tax is to rise by 1% in 2014 and 2015 from £41,450 to £41,865 and then £42,285. The Chancellor said this would raise revenue as the increase was not in line with inflation. The rise will raise £1bn in revenue by 2015-16, George Osborne said. Meanwhile, the basic income tax threshold to be raised by £235 more than previously announced next year, to £9,440