This was touted by Prime Minister Rishi Sunak during his Christmas special as a “tax cut for 27 million people” which an average annual saving of £470, however Britons’ income tax burden is increasing due to frozen tax bands.

The Government is being called to introduce further cuts to income tax rates but some are suggesting thresholds should be raised to avoid fiscal drag.

Inheritance tax is considered the most likely levy to be cut or slashed entirely in the upcoming Spring Budget.

During the last Autumn Statement, Chancellor Jeremy Hunt asserted the Government’s long-term goal to “reduce the tax burden”.

However, the Conservatives have been criticised at the same time for overseeing the greatest tax increases since Second World War.

Sian Steele, the head of tax at wealth management firm Evelyn Partners, outlined why the next Budget will be the Government’s last chance to set the tax agenda before going head-to-head with Labour at the next General Election.

She shared: “Whether or not it is a precursor to a May election, this promises to be an exciting event as the Chancellor has a last swing of the tax bat to try and inspire a jaded electorate in what could be a last bid to save the Conservative government.

“Hunt said after his Autumn Statement that he hoped to be able to ‘reduce the tax burden still further in the future’, and as soon as the Budget date was announced the rumour mill swung into action with predictions that inheritance tax or income tax will be cut.”