Households will be hit by a £1,450 tax bill rise despite cuts
The IFS also added there are various aspects of theAround half a million more families are projected to lose some or all of their child benefit entitlement by 2025–26 compared with now.
This is because the £50,000 threshold at which child benefit starts to be tapered away has been frozen since its introduction in 2013. Tom Wernham, a research economist at IFS said: “Of all the changes to taxes and benefits over the next three years, freezes to various tax and benefit thresholds and allowances are the most significant and least transparent.income tax
, or the reversal of the health and social care levy, and they are set to drag millions more into the tax system and into higher rates of tax." A Treasury spokesperson said: “This Government is committed to a high growth and low tax economy and helping people to keep more of their hard-earned money is a key priority, as seen by our commitments to cancel the rise in national insurance and reduce the basic rate of income tax."It means the average worker will be
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