‘Tax on steroids’: Why Rishi Sunak is poised to push taxes past their 70-year high in Autumn Statement
The forecast for 2022-23 is for revenue to total £893 billion, boosting it to 35.5 per cent of GDP. At this level it will represent the highest sustained level of tax seen in the UK since the aftermath of the Second World War. It is known as a stealth tax because workers and investors end up paying more tax, but without the government increasing headline tax rates.
Another leak suggests that the tax-free allowance for capital gains will be halved from £12,300 to £6,150, as well as an extension of the freeze on the VAT threshold until 2026. The earnings level at which employers must start paying employees’ national insurance could also remain frozen. “This is tax on steroids,” Shah adds
In 2010, tax freedom day was 30 May. This year it was June 8, which means that extra nine days of earnings go towards funding the state. The high-income child benefit tax charge, introduced in January 2013, adds further pain to taxpayers. Child benefit is tapered away for families whose highest-income partner has an annual income above £50,000. For every £100 of that individual’s income above £50,000, child benefit entitlement falls by 1 per cent.
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