The move by Chancellor Kwasi Kwarteng to keep the tax-free earnings threshold of £12,570 frozen for the next four years will be extremely lucrative for the Government
A failure to cancel the freezes in tax-free thresholds is expected to reap the Government a £30bn tax windfall as more workers will pay more tax or larger amounts A failure to cancel the freezes in tax-free thresholds is expected to reap the Government a £30bn tax windfall as more workers will pay more tax or larger amounts.earnings threshold of £12,570 frozen for the next four years will be extremely lucrative for the Government.
This so-called ‘fiscal drag’, where greater numbers of workers are dragged into paying tax, is unpopular as it is effectively when tax by stealth – a move that many Chancellors, especially Rishi Sunak, were fond of.
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