Government & Legislation

Chancellor freezes tax thresholds in Autumn statement 

The threshold at which the 45p rate on income tax becomes payable will be reduced from £150,000 to £125,140, meaning those earning over £150,000 will now pay an extra £1,200 a year

Chancellor Jeremy Hunt has announced a raft of measures to help “stabilise” the UK economy and reduce inflation, with tax cuts and spending cuts totalling £55bn in the Autumn statement. 

As part of the new measures, Hunt confirmed that tax as a percentage of GDP will rise by over 1% over the next five years.

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