Freezing allowances and the state pension triple lock

Currently, income tax thresholds and personal allowances are frozen until 2028. Freezing these is a good way to raise tax without the government breaking its manifesto pledges. However, extending these pauses through to 2030 will have a huge impact on taxpayers and state pension recipients. The government has committed to retaining the triple lock, but average earnings growth could see the state pension exceed the frozen personal allowance, incurring basic rate tax; a continuation of the freeze will increase the tax burden on state pensioners. Read more about the potential impact of freezing...