There had been calls for changes to income tax instead of NI so that pensioners could also benefit. By not lifting tax thresholds in line with inflation, more people can end up caught in higher tax brackets as their pay rises – through ‘fiscal drag’.
Hunt also did not tinker with inheritance tax or remove the 25 per cent penalty charge on unauthorised withdrawals from Lifetime Isas.
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Time will tell what the results of this Budget are, and what the next chancellor will do, whoever they may be!
Eleanor Ingilby is head of high net worth at Atomos
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