LONDON, Feb. 6 / PRNewswire / – The UK will freeze the amount of money people can earn tax-free as well as the threshold for the higher income tax rate through 2026, Treasury Secretary Rishi Sunak said Wednesday.
“This government is not going to raise income tax, social security or sales tax rates. Instead, our first step is to freeze personal tax thresholds, ”Sunak told parliament.
“We will of course keep our promise to increase the personal allowance back to £ 12,570 next year, but we will then keep it at this more generous level by April 2026.”
He added that the higher rate threshold, as previously promised, would also rise to £ 50,270 next year, but would then be frozen for the same length of time. (Reporting by Alistair Smout and David Milliken, Editing by Elizabeth Piper)