Six million people will still be worse off, the IFS says
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The Institute for Fiscal Studies has said that six million people will still
be worse off as a result of the abolition of the 10p rate if income tax.
Despite the government raising the threshold at which income tax is paid, a
detailed analysis by the IFS calculates that the six million people who will
still pay more tax this year will include those under 65 on incomes of between
£6,535 and £13,355 a year,
the
Independent reported.
The biggest losers will be people earning £7,755 a year, who will be £112
worse off.
18 million families will be an average of £150 a year worse off over the next
two years unless the Government extends the one-off £160 tax cut, which will
soften the blow from ending the 10p rate this year.
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