UK Extends Income Tax Threshold Freeze

The UK government will freeze income tax thresholds until the 2030/31 financial year, as per the Office for Budget Responsibility. This extension aims to increase revenue by 7.6 billion pounds by the 2029/30 financial year.

The UK government has announced an extended freeze on income tax thresholds, a measure set to last until the financial year 2030/31. This decision was confirmed by the Office for Budget Responsibility (OBR) and outlined within its recently published document.

The extension imposes a three-year prolongation on the existing freeze, initially set to end in 2028/29, pushing it now to 2030/31.

Forecasts indicate that this policy could significantly bolster government revenue, with an expected raise of 7.6 billion pounds by the 2029/30 financial year, according to the OBR.

(With inputs from agencies.)