Millions to get pay cut after today's Autumn Statement
The initial rise was part of Prime MinisterHow much your tax bill could increaseThe UK's rate of inflation is currently at a 41-year high of 11.1%, while average total pay, including bonuses, increased byThis essentially means that with wages steadily climbing, it means millions more people will become higher rate taxpayers and see a portion of their pay disappear.salary of £33,000 will be paying almost £2,600 more income tax due to the freeze - a 10% increase.
Those earning £50,000, and so hovering just under the current higher-rate threshold, will be hit the hardest. It is estimated that they will be paying £6,570 more in income tax over the entire period of the tax freeze.
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