Millions of employees, pensioners and savers are facing an escalating "stealth tax " of £700 in the coming financial year, it was warned today. The personal allowance before people begin paying income tax has remained fixed at £12,570, while the higher-rate threshold stands at £50,270. Had these figures increased in line with inflation, the threshold for paying the basic rate tax of 20% would be approximately £18,500 today. Meanwhile, the threshold for paying higher rate tax at 40% would now be

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