Thank you for contacting me about income tax.
I firmly believe in a fair and sustainable tax system which ensures that everyone continues to pay their fair share of tax, while also allowing people to keep more of what they earn.
At the Autumn Statement, the Chancellor announced that the current Income Tax thresholds will be frozen until 2028, as well as reducing the threshold for the 45p Additional rate to £125,140. The current Income Tax thresholds are therefore as follows:
Personal Allowance (Up to £12,570) - 0 per cent
Basic rate (£12,571 to £50,270) - 20 per cent
Higher rate (£50,271 to £125,140) - 40 per cent
Additional rate (Over £125,140) - 45 per cent
Thank you again for taking the time to contact me.