More tax awaits us

Posted on 12 Jun 2024
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UK households face £800 annual tax rise after election, warns think-tank

Tax rises "hiding in plain sight" are projected to generate £23bn annually by the end of the next parliament, regardless of the election outcome. The Resolution Foundation has estimated that a series of stealth increases will result in an additional £800 per year for the average household by 2029. The freeze on income tax thresholds, which have not kept pace with inflation since 2021 and are expected to remain unchanged until 2028, is the largest contributor to the rise. National insurance thresholds will also be frozen, and relief on fuel and stamp duty is set to expire. Adam Corlett, principal economist at the think tank, stated that neither party has committed to reversing these stealth rises, urging politicians to be honest with the public about the impending tax increases.

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