Autumn Statement 22: Freeze on income tax thresholds extended

The chancellor said the threshold at which the top rate of income tax is paid would be reduced from £150,000 to £125,140. Personal allowance higher rate 2021/22 threshold levels will be maintained until 2026. The move will see some 250,000 Britons pulled into the top bracket of income tax. In a bid to tackle the cost-of-living-crisis and to rebuild the economy, Hunt said he was prepared to make difficult decisions on tax and spending. The fourth chancellor in four months replaced Kwasi Kwarteng last month and said he wants to repair the £50bn fiscal black hole and keep downward ...