{"id":5584,"date":"2025-11-17T12:02:27","date_gmt":"2025-11-17T12:02:27","guid":{"rendered":"https:\/\/second-home.uk\/?p=5584"},"modified":"2025-11-17T12:02:27","modified_gmt":"2025-11-17T12:02:27","slug":"report-government-changes-mind-on-income-tax-rise","status":"publish","type":"post","link":"https:\/\/second-home.uk\/?p=5584","title":{"rendered":"Report: Government changes mind on income tax rise"},"content":{"rendered":"<p>Keir Starmer and Rachel Reeves have decided against raising income tax in the upcoming Autumn Budget, <em>The Financial Times reports.<\/em><\/p>\n<p>It\u2019s likely the pair fear the effects of breaking a manifesto pledge to not touch the tax.<\/p>\n<p>Sarah Coles, head of personal finance, Hargreaves Lansdown, said: \u201cThe government has apparently U-turned on its income tax U-turn \u2013 effectively coming full circle. Plans to drop the manifesto promise not to raise income tax have reportedly been shelved.<\/p>\n<p>\u201cIt means the government can avoid the associated drama of going against a manifesto promise, but it will need other options to close the gap in its finances.\u201d<\/p>\n<p>It\u2019s more likely that income tax thresholds could be frozen for longer, which effectively means taxes will be increased by stealth, as inflation causes incomes to rise.<\/p>\n<p>As it stands income tax thresholds will remain until April 2028.<\/p>\n<p><!--   \t\t  \t\t\t \t\t\t\tgoogletag.cmd.push(function() { googletag.display(\"div-gpt-ad-1715620536068-0\"); }); \t\t\t  \t\t  \t -->  \t <\/p>\n<p>Coles added: \u201cFiscal drag has hauled over 6 million more people into paying income tax, and 3.36 million more into paying higher or additional rate tax.<\/p>\n<p>\u201cWe\u2019ve had to hand over an extra \u00a389 billion in income tax this year \u2013 compared to 2021\/22 \u2013 as a result.<\/p>\n<p>\u201cThe Institute for Fiscal Studies says a freeze for another two years would mean that by 2030, one in four people will pay higher rate tax [with annual income above \u00a350,271].\u201d<\/p>\n<p>The government is looking to fill a fiscal hole amounting to an estimated \u00a330 billion.<\/p>\n<p>It\u2019s thought a mansion tax is still being considered, which according to reports would implement a 1% annual levy on properties worth over \u00a32 million.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Keir Starmer and Rachel Reeves have decided against raising income tax in the upcoming Autumn Budget, The Financial Times reports. It\u2019s likely the pair fear the effects of breaking a manifesto pledge to not touch the tax. Sarah Coles, head of personal finance, Hargreaves Lansdown, said: \u201cThe government has apparently U-turned on its income tax [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5585,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-5584","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-second-home"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Report: Government changes mind on income tax rise - Second Home<\/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:\/\/www.propertywire.com\/news\/report-government-changes-mind-on-income-tax-rise\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Report: Government changes mind on income tax rise - Second Home\" \/>\n<meta property=\"og:description\" content=\"Keir Starmer and Rachel Reeves have decided against raising income tax in the upcoming Autumn Budget, The Financial Times reports. It\u2019s likely the pair fear the effects of breaking a manifesto pledge to not touch the tax. 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