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Freeze Lifted? Personal Allowance in Budget | Leeds News
Prime Minister Andy Burnham may finally break the personal allowance freeze, offering basic-rate taxpayers a small but welcome boost—potentially saving them £100 a year—but with a hefty price tag. As the government funds costly new initiatives like VAT cuts on electricity and capped bus fares, the Treasury will need to find the cash elsewhere, possibly through new taxes. The frozen allowance, stuck at £12,570 since 2021, would now be over £16,000 if adjusted for inflation—costing the average taxpayer £700 more annually. The higher-rate threshold, also frozen, means top earners are paying more…
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