Income Tax - careledger.co.uk

Government Surplus Hits £30.4 Billion in January on Strong Tax Inflows

The UK government recorded its largest ever monthly budget surplus in January, driven by strong tax receipts and a sharp decline in debt servicing costs, official figures from the Office for National Statistics (ONS) revealed on Friday. Public revenues exceeded spending by £30.4 billion last month, the biggest surplus since monthly records began in 1993. […]

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Pensioners, Low Earners Face Biggest Hit as Threshold Freeze May Extend to 2030

Millions on Under £35,000 to Lose Hundreds as Tax Threshold Freeze Takes Effect

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Millions of low and middle income workers are expected to lose hundreds of pounds in take home pay following Labour Chancellor Rachel Reeves’s decision to freeze income tax thresholds. New analysis from the Resolution Foundation suggests that people earning under £35,000 a year could see between £150 and £200 a year taken from their pay

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Thousands of Older Britons Dragged into 62% Tax Trap – HMRC

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The number of state pensioners facing a crippling 62 per cent marginal tax rate has more than doubled, as frozen tax thresholds push thousands of older Britons into higher tax bands. Official HMRC figures show that in 2024–25, around 77,000 pensioners earned between £100,000 and £125,140, the income range where personal allowance tapering creates an

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Resolution Foundation: £20bn tax rises needed to stabilise UK finances

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The Chancellor should protect workers’ take-home pay while levelling the tax system, including a 2p cut in employee National Insurance (NI) funded by a 2p rise in Income Tax (IT) according to major new research from the Resolution Foundation. The think tank says the shift would raise £6 billion in a Budget expected to require

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