{"id":691,"date":"2024-10-21T02:06:21","date_gmt":"2024-10-21T05:06:21","guid":{"rendered":"https:\/\/labwp.com.br\/news\/reeves-considers-income-tax-threshold-freeze\/"},"modified":"2024-10-21T02:06:21","modified_gmt":"2024-10-21T05:06:21","slug":"reeves-considers-income-tax-threshold-freeze","status":"publish","type":"post","link":"https:\/\/labwp.com.br\/news\/reeves-considers-income-tax-threshold-freeze\/","title":{"rendered":"Reeves considers income tax threshold freeze"},"content":{"rendered":"

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An announcement in the upcoming budget of a continued freeze on income tax thresholds beyond 2028 would not constitute a breach of Labour’s election manifesto promise, government sources have insisted.<\/p>\n

In the run-up to June’s general election, both leader Sir Keir Starmer and the soon-to-be Chancellor Rachel Reeves pledged to “not increase taxes on working people”.<\/p>\n

But a threshold freeze could allow the chancellor to raise an estimated \u00a37bn by bringing more people into the tax system.<\/p>\n

Reeves is currently trying to find \u00a340bn through a mixture of savings and tax rises that she will announce in the new government’s first budget on Wednesday 30 October.<\/a><\/p>\n<\/div>\n

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Tax thresholds were frozen by the previous Conservative government in 2022, but were due to rise again each year from 2028.<\/p>\n

The chancellor is now said to be weighing a plan to extend the freeze for the remainder of the parliament.<\/p>\n

The decision not to increase tax thresholds would continue a process called “fiscal drag”<\/a>, in which more people are “dragged” into paying tax, or higher rates of tax, as their wages rise and cross the unchanging thresholds.<\/p>\n

If Reeves goes ahead with the plan, roughly 400,000 more people will find themselves paying income tax at the basic rate.<\/p>\n

Government insiders have insisted this does not breach Labour’s manifesto pledge to “not increase taxes on working people”.<\/p>\n

Sources are pointing to the exact wording of the manifesto, which states that the “rates” of income tax would not rise.<\/p>\n

In other words, in England, Wales and Northern Ireland these would remain \u2013 depending on income \u2013 at 20p, 40p and 45p.\u00a0 <\/p>\n

But as people’s wages increased, so too would their tax bill.<\/p>\n<\/div>\n

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In 2019, the Conservatives also pledged not to increase tax “rates” – and went on to freeze tax thresholds.<\/p>\n

At the time, this was denounced by the Labour opposition as a “stealth tax”.<\/p>\n

However, it is not one the party has specifically pledged to reverse.<\/p>\n

Labour’s opponents will argue that an extension of a freeze would undermine the party\u2019s wider-ranging promise not to increase taxes on working people.<\/p>\n

Reeves has just 11 days to firm up her plans ahead of Budget day.<\/p>\n

The country’s first female chancellor has warned of a \u00a322bn “black hole” in the public finances – a gap caused by the rules the government has chosen to follow <\/a>governing how much money it can borrow over the next five years.<\/p>\n

Filling this hole would only be enough to “keep public services standing still”, the chancellor said this week.<\/p>\n

This means she is hoping to find \u00a340bn in order to avoid real-terms cuts<\/a> to government departments. <\/p>\n

Reeves has warned of “difficult decisions” ahead.<\/p>\n<\/div>\n

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[ad_1] An announcement in the upcoming budget of a continued freeze on income tax thresholds beyond 2028 would not constitute a breach of Labour’s election manifesto promise, government sources have insisted. In the run-up to June’s general election, both leader Sir Keir Starmer and the soon-to-be Chancellor Rachel Reeves pledged to “not increase taxes on …<\/p>\n

Reeves considers income tax threshold freeze<\/span> Read More »<\/a><\/p>\n","protected":false},"author":1,"featured_media":692,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","footnotes":""},"categories":[45],"tags":[],"class_list":["post-691","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nReeves considers income tax threshold freeze - G+ News Portal<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/labwp.com.br\/news\/reeves-considers-income-tax-threshold-freeze\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reeves considers income tax threshold freeze\" \/>\n<meta property=\"og:description\" content=\"[ad_1] An announcement in the upcoming budget of a continued freeze on income tax thresholds beyond 2028 would not constitute a breach of Labour’s election manifesto promise, government sources have insisted. 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