BREAKING: Personal tax thresholds frozen, Corporation tax increases to 25%

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The Chancellor has announced that personal tax thresholds will be frozen.

Rishi Sunak says the threshold will increase next year to £12,570 but will be kept at this level until 2026.

The higher rate will rise to £50,270 in 2022, but will stay there until 2026.

Meanwhile, corporation tax will increase from 19% to 25% in 2023 – only “businesses with profits of £250,000 or greater” will be affected.

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