In his speech, Jeremy Hunt made the following statements regarding income tax.
- "…We have not raised headline rates of taxation…"
- "I am maintaining at current levels the income tax personal allowance, higher rate threshold…for a further two years taking us to April 2028.”
- The first difficult decision I take on tax is to reduce the threshold at which the 45p rate becomes payable from £150,000 to £125,140. Those earning £150,000 or more will pay just over £1,200 more in tax every year."
- The dividend allowance will be cut from £2,000 to £1,000 next year and then to £500 from April 2024.