Experts predict an increase in the tax burden on the British due to fiscal measures

The fiscal policy of the UK will lead to an increase in the tax burden on the population. This conclusion was made by the experts of the English Institute for Fiscal Studies (IFS) in the report “Deepening freeze: more and more citizens pay taxes at a high rate.” Income tax at an increased rate of 45% in fiscal year 2022-2023 is paid by about 11% of the total adult population of the country, and by 2027-2028. this share can increase up to 14%.

The UK has a progressive income tax rate. In accordance with it, incomes up to 12,570 pounds sterling are recognized as a non-taxable minimum. The base rate of 20% is paid by citizens who receive more than this amount. A tax of 40% is levied on the income of those who receive more than 50,271 pounds per year. Income tax of 45% must be paid by the British with incomes above 125,140 pounds. At the same time, the maximum real income tax rate can reach 60%: if a citizen earns more than 100,000 pounds a year, he is obliged to pay an additional percentage on the difference between his income and this amount.