![]() ![]() In March this year, Mr Sunak announced that the income tax personal allowance threshold, the threshold for earnings below which you don’t have to pay any tax, would be frozen at £12,570 until 2026, instead of rising in line with inflation. READ MORE: 'I pay £9k a year for university and I can't even get into all the rooms' ![]() This is due to changes in the way graduates will be asked to pay back student loans, and the rates at which wage earners will have to pay income tax and national insurance from April next year. In changes due to be announced today (October 27) by Chancellor Rishi Sunak, it is expected that students and graduates will be forced to pay as much as a 50% tax rate on earnings over £23,000. ![]() Students and graduates have slammed a predicted tax increase on young people as a slap in the face.
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