Sunday 15 May 2022 11:04 PM Rishi Sunak's £7.5bn 'stealth' tax raid: Frozen thresholds add to pressure on ... trends now
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Britons are set to pay more than £7.5billion in ‘stealth taxes’ this year amid soaring inflation and tax bracket freezes.
Families already seeing wage rises eaten away by the cost of living crisis will be contributing even more to the Treasury’s coffers.
Chancellor Rishi Sunak has frozen tax thresholds across the board, meaning that as pay rises to keep track with soaring prices, more workers will be pulled into higher tax brackets.
Rising property prices are also forcing Britons to pay higher levels of inheritance tax and stamp duty, as thresholds on those levies have also been frozen.
These stealth taxes will cost families a total of £7.5billion this year alone, the Centre for Economics and Business Research (CEBR) has found.
Chancellor Rishi Sunak (pictured) has frozen tax thresholds across the board, meaning that as pay rises to keep track with soaring prices, more workers will be pulled into higher tax brackets
The Bank of England warned earlier this month that inflation will soon peak at a 40-year high of more than 10 per cent