View Image

HMRC is set to pursue UK households for £8,165, they have been warned, after a Labour Party Autumn Budget decision. The taxman could target households who earn north of £50,000 a year in a cruel change.

The Office for Budget Responsibility (OBR) says had the personal allowance been moved up in line with CPI inflation since 2021 and until 2030-31 it would be £4,900 higher, with the threshold for the higher rate to kick in £20,100 higher.

It says the freezes mean the proportion of taxpayers paying either higher or additional rate tax will have increased from 15% in 2021-22 to 24% in 2030-31.

READ MORE State pensioners born before 1953 will be denied £2,920 due to 'two-tier' rule

The investment firm Hargreaves Lansdown has calculated that someone earning £50,000 this year wi

See Full Page