Woking hit hard by stealth tax rise as over 4,000 dragged into higher rate

July 30, 2022 7:49 PM

The Times reports on freezing of income tax threshold bands costing squeezed-middle households

Yesterday, The Times reported on new analysis by the Lib Dems revealing that Woking is amongst the hardest hit parts of the country from the Government's stealth tax rise which froze the higher rate tax threshold.

There are now 4,300 new higher rate taxpayers in the local area due to the broken Conservative promises on tax since the 2019 election.

The analysis shows that Woking had 11,500 higher rate taxpayers in 2020 but now, due to the Government's changes to tax, there are now 15,800 paying higher tax.

The changes nationally mean there are a projected 5.5 million higher rate Income Tax payers in the tax year 2022 to 2023, which is a 44% increase compared to 2019 to 2020.

The local Lib Dems have criticised Woking's MP for breaking their election promise not to raise taxes.

The latest analysis is based on figures provided by the Government in response to a Parliamentary Question tabled by Lib Dem Treasury Spokesperson Sarah Olney MP, showing the number of higher rate taxpayers by constituency in 2019/20, the most recent year available.

Lib Dem Spokesperson Woking, Councillor Will Forster, said:

"This will come as a hammer blow to local people who are struggling to keep up with spiralling bills."

"In the coming days it will be announced that energy bills will rise to over £3,000 a year and these tax hikes will add more salt to the wound."

"It has been disappointing to see our local Tory MP vote in favour of these tax hikes time and time again. Every tax hike hurts families, pensioners and businesses in Woking in the middle of a cost of living crisis."

"Squeezed-middle families in our area need help instead of these grossly unfair tax hikes. That is why the Lib Dems and I are calling for a VAT cut to help people at the shopping tills and petrol pumps. It is time to immediately cut prices with a tax cut which actually helps hard-working people and struggling pensioners."