£189 billion paid in tax in the last 3 months – 6 tips to pay less tax

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Archived article Tax, investments and pension rules can change over time so the information below may not be current. This article was correct at the time of publishing, however, it may no longer reflect our views on this topic.

We’ve paid a staggering £189 billion in tax in the last 3 months. Here are 6 tips to pay less tax.

This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

21 July 2023

New figures showed we paid a staggering £189 billion in tax in the first three months of the current tax year – up £10.5 billion from the same time a year earlier.

Freezing the income tax thresholds will drag around four million more of us into paying income tax in the current tax year – taking it to just under 36 million.

It’s also dramatically pushed up the numbers paying higher rate tax – and thanks to the cut in the threshold for additional rate tax, those numbers have soared.

And it’s not just income tax, we’re also forking out a fortune in inheritance tax, dividend tax and capital gains tax (CGT). It means we should all consider how to minimise paying more than our fair share.

This article covers tax rates and allowances for the 2023/24 tax year. Remember tax rules and their