Currently, the Personal Tax Allowance goes down by £1 for every £2 that your adjusted net income is above £100,000 and the allowance is zero if your income is £125,140 or above. With the cost of living crisis and historic high inflation, everyone is struggling and the threshold needs to be raised.
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With the cost of living crisis, historic high inflation and raising interest rates everyone is struggling to make ends meet and it is only going to get worse before it gets better. Lots of people will default on mortgages as interest rates are raised and there is a clear need for the tax system to keep up with the changing times. The personal allowance reduction threshold needs to be raised from £100,000 to £150,000 to alleviate the severe pain that the common people are enduring.