| Fiscal year | Lagged RPI used | Baseline | Policy | HMRC revenue impact (£m) |
|---|---|---|---|---|
| 2024–25 | — (frozen) | £85,000 | £90,000 | –150 |
| 2025–26 | — (frozen) | £85,000 | £90,000 | –185 |
| 2026–27 | 2024–25: +2.0% | £87,000 | £90,000 | –125 |
| 2027–28 | 2025–26: +2.5% | £89,000 | £90,000 | –50 |
| 2028–29 | 2026–27: +3.0% | £92,000 | £90,000 | +65 |
Last active
August 30, 2025 16:43
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