Taxes Are Rising Despite National Insurance: IFS

Taxpayers will pay more as they are dragged into higher tax bands by frozen thresholds. It comes as the IFS director predicts ‘a lack of clarity’ from parties.

The sign for the government department of HM Revenue and Customs in Westminster, London, on May 8, 2009. Oli Scarff/Getty Images

Personal taxes are rising for many in 2024 despite a cut in National Insurance contributions (NICs) rate, the Institute of Fiscal Studies (IFS) said.

In an analysis published on Friday, the think tank said the lowest and the highest earning taxpayers will both see their over taxes rise because of frozen tax thresholds.