Autumn Statement 2012: Higher rate tax threshold to go up by 1%

The higher rate tax threshold will go up by 1% in 2014, the Chancellor said today.

He made the statement during the Autumn Statement this afternoon. The threshold for paying the 40% rate of income tax is to rise by 1% in 2014 and 2015 from £41,450 to £41,865 and then £42,285. The chancellor said this would raise revenue as the increase was not in line with inflation. The rise will raise £1bn in revenue by 2015-16, George Osborne said. More to follow...