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Households will lose money from ‘opaque and stealthy’ tax freezes
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HOUSEHOLDS will lose more from “opaque and stealthy” tax allowance freezes over the next three years than they will gain from headline tax cuts on average, according to a new study.
The Institute for Fiscal Studies (IFS) found that by 2025–26, the freezes will take away £2 for every £1 given to households through the headline cuts in personal taxation.
It also said that the four-year freeze of the personal allowance means that, by 2025–26, the number of people paying income tax will rise to 35.4 million, an increase of about 1.4 million.
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