2024-04-28 08:35:06
The UK Treasury has been freezing the Personal Tax Allowance last year and this. Because inflation grows, in real terms the PTA is falling. That’s a tax rise commonly known as fiscal drag. It cancels out much of the National Insurance Cut. Explained here: [Link] CURRENTLY_RATED_HELPFUL(24-7-7) Author
2024-04-28 09:39:10
This is only a partial picture - when ALL tax changes are included to present the whole picture, the average worker (on approx. £35k) will save only about £340 a year. If you earn less than £26k, you will be worse off [Link] CURRENTLY_RATED_HELPFUL(30-4-8) Author
2024-04-28 09:49:55
According to the IFS this has been a record tax raising parliament. The government are in fact only giving back a proportion of the money which is taken away via other tax changes. Freezing the tax threshold actually means a higher proportion of salary is taken. [Link] NEEDS_MORE_RATINGS(17-3-7) Author
2024-04-28 09:50:53
The government’s own figures per the fact sheet below state that the £900 is the *combined effect* of the April 2024 *and the earlier Jan 2024* Class 1 NIC cuts. The cut referred to in Mr Sunak’s tweet (the one that is first hitting payslips in April) has an effect of £450. [Link] CURRENTLY_RATED_HELPFUL(38-5-4) Author