Britons face £3,000 tax hike – 7 ways YOU can beat Sunak’s Budget raid | Personal Finance | Finance
Britons face a dirty half-dozen tax hikes next year, with income tax, National Insurance (NI), capital gains tax (CGT), inheritance tax (IHT), dividend tax and the pensions lifetime allowance all getting more punitive. Tax bills are at a 70-year high and we’ll all pay £3,000 more on average as a result, the Resolution Foundation has calculated.
In March, Sunak froze current income tax thresholds for five years, so that tens of millions will pay more to HM Revenue & Customs as wages rise. He also froze CGT, IHT and lifetime allowance thresholds, and hiked dividend tax.
Last month, the Government announced the new 1.25 per cent NI levy for health and social care, which comes into force next April.
The total bill will top £40 billion and Hargreaves Lansdown personal finance analyst Sarah Coles said make sure you do not pay more tax than is necessary to HMRC. “Don’t sit back and let the taxman fill his boots, start planning…
