Income tax changes
At-a-glance guide to changes for all thresholds
We are sharing this update from ACCA, our professional body, for the interest of clients and contacts. The content is (c) ACCA
The income tax additional rate threshold will reduce from £150,000 to £125,140 from April 2023. Reducing these thresholds will cost an additional tax of £1,243 for an additional rate taxpayer.
Personal tax thresholds – ie personal allowance, basic and higher rate thresholds for income tax – are maintained until April 2028 at a current level of £12,570 and £50,270.
Basic rate of income tax will be maintained at 20%. This was previously announced to be reduced to 19% which will not go ahead from 2023.