Personal Tax - Changes for 2022-23
01 April 2022
Because the Government has frozen the tax bands and personal allowance of individuals for the next four years, any extra income an individual gets may be taxed more harshly.
Normally, tax bands and personal allowances increase with inflation to account for wage growth. With this freeze, the Government hopes to raise £6 billion.
As the Government is intent on decreasing the national deficit and inflation after over £400 billion of quantitative easing by the Bank of England and global supply chain issues, and with the increase to the cost of living for many families, it’s more important than ever to know what changes have been made so you can prepare.
You can read more about these changes and increases to Dividend Tax, Inheritance Tax and Capital Gains Tax in our Personal Tax - Changes for 2022-23.